$4,750 Closing Credit*
$399,990
1,946 SqFt
3 Beds
•1 Full Bath, 1 Partial
Listing Office: Lennar Sales Corp
Is Elk River, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Elk River was a Seller's Market.
Key Takeaway
Elk River is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Elk River, MN
How much do homes in Elk River, MN cost?
Median Sold Price
$404,700
$191/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$9,700(+2.5%)
Key Takeaway
Homes in Elk River have sold for 2.5% more than they did a year ago.
Summary: The median home sold price in Elk River was $404,700 in November 2024, up 2.5% from last year, and the median price per square foot was $191.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155.9K | $221K | +41.8% |
| 2 Bedrooms | $250K | $270K | +8.0% |
| 3 Bedrooms | $339.9K | $369.9K | +8.8% |
| 4 Bedrooms | $449.9K | $455K | +1.1% |
| 5+ Bedrooms | $500K | $493K | -1.4% |
Summary: Elk River housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.8%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes decreased by 1.4%.
Housing Supply in Elk River, MN
How many homes are available in Elk River, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 275 | 270 | -1.8% |
Summary: The Elk River real estate market had 270 homes for sale in November 2024, a 1.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 44 | 38 | -13.6% |
| 3 Bedrooms | 99 | 91 | -8.1% |
| 4 Bedrooms | 83 | 89 | +7.2% |
| 5+ Bedrooms | 48 | 51 | +6.3% |
Summary: The Elk River housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 13.6%, 3 bedroom homes decreased by 8.1%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes increased by 6.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 61 | 44 | -27.9% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elk River, you may be able to get a good deal. 36.4% of homes here sold below asking price last month.
Summary: A total of 44 homes were sold or pending in Elk River in November 2024, down by 27.9% month-over-month. Of the 44 sold homes, 36% were sold under asking, 30% were sold at asking, and 34% were sold over asking.
Days on Market for Elk River, MN
How long does it take to sell a home in Elk River, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 26 Days | 39 Days | +48.3% |
Summary: Homes in Elk River had an average of 39 days on market in Nov 2024, up by 48.3% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elk River are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 44 homes were sold in Elk River; 55% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
