$2,138 Closing Credit*
$180,000
1,306 SqFt
3 Beds
•2 Full Baths
Listing Office: Leland Realty
Is Albert Lea, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Albert Lea has remained a Seller's Market.
Key Takeaway
Albert Lea is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Albert Lea, MN
How much do homes in Albert Lea, MN cost?
Median Sold Price
$165,000
$112/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$100(+0.1%)
Key Takeaway
The sold price of homes in Albert Lea has remained the same since last year.
Summary: The median home sold price in Albert Lea was $165,000 in November 2024, up 0.1% from last year, and the median price per square foot was $112.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $132.9K | $35K | -73.7% |
| 2 Bedrooms | $125K | $112.5K | -10.0% |
| 3 Bedrooms | $156.4K | $177K | +13.1% |
| 4 Bedrooms | $230K | $236K | +2.6% |
| 5+ Bedrooms | $269.9K | $325K | +20.4% |
Summary: Albert Lea housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 73.7%, 2 bedroom homes decreased by 10%, 3 bedroom homes increased by 13.1%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 20.4%.
Median Sold Price Compared To Nearby Cities
| Albert Lea | $164.9K | $165K | 0.1% |
| Albert Lea Township | $164.9K | $165K | 0.0% |
Housing Supply in Albert Lea, MN
How many homes are available in Albert Lea, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 99 | 104 | +5.1% |
Summary: The Albert Lea real estate market had 104 homes for sale in November 2024, a 5.1% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 23 | 23 | 0.0% |
| 3 Bedrooms | 40 | 45 | +12.5% |
| 4 Bedrooms | 29 | 29 | 0.0% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Albert Lea housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 12.5%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 20 | 26 | +30.0% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Albert Lea, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 26 homes were sold or pending in Albert Lea in November 2024, up by 30.0% month-over-month. Of the 26 sold homes, 50% were sold under asking, 23% were sold at asking, and 27% were sold over asking.
Days on Market for Albert Lea, MN
How long does it take to sell a home in Albert Lea, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 65 Days | 39 Days | -40.2% |
Summary: Homes in Albert Lea had an average of 39 days on market in Nov 2024, down by 40.2% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Albert Lea are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 26 homes were sold in Albert Lea; 62% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
