$7,707 Closing Credit*
$649,000
2,518 SqFt
4 Beds
•2 Baths
Listing Office: Coldwell Banker Realty
Is Elk River, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Elk River has remained a Seller's Market.
Key Takeaway
Elk River is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elk River, MN
How much do homes in Elk River, MN cost?
Median Sold Price
$402,875
$190/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$11,187(+2.9%)
Key Takeaway
Homes in Elk River have sold for 2.9% more than they did a year ago.
Summary: The median home sold price in Elk River was $402,875 in October 2024, up 2.9% from last year, and the median price per square foot was $190.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155.9K | $221K | +41.8% |
| 2 Bedrooms | $250K | $277.5K | +11.0% |
| 3 Bedrooms | $340K | $365.4K | +7.5% |
| 4 Bedrooms | $441.7K | $450.7K | +2.0% |
| 5+ Bedrooms | $500K | $493K | -1.4% |
Summary: Elk River housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.8%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 2%, 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
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 262 | 300 | +14.5% |
Summary: The Elk River real estate market had 300 homes for sale in October 2024, a 14.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 45 | 47 | +4.4% |
| 3 Bedrooms | 98 | 104 | +6.1% |
| 4 Bedrooms | 81 | 95 | +17.3% |
| 5+ Bedrooms | 37 | 53 | +43.2% |
Summary: The Elk River housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 43.2%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 53 | 57 | +7.5% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
14 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. 38.6% of homes here sold below asking price last month.
Summary: A total of 57 homes were sold or pending in Elk River in October 2024, up by 7.5% month-over-month. Of the 57 sold homes, 39% were sold under asking, 37% were sold at asking, and 25% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 24 Days | 37 Days | +55.4% |
Summary: Homes in Elk River had an average of 37 days on market in Oct 2024, up by 55.4% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
5 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 October 2024, 57 homes were sold in Elk River; 58% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
