$239,000
Land
Listing Office: Weichert, REALTORS- Heartland
Is Faribault, 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, Faribault has remained a Seller's Market.
Key Takeaway
Faribault is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Faribault, MN
How much do homes in Faribault, MN cost?
Median Sold Price
$299,900
$165/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$30,400(+11.3%)
Key Takeaway
Homes in Faribault have sold for 11.3% more than they did a year ago.
Summary: The median home sold price in Faribault was $299,900 in November 2024, up 11.3% from last year, and the median price per square foot was $165.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $192.4K | $160K | -16.9% |
| 2 Bedrooms | $203.4K | $236.5K | +16.3% |
| 3 Bedrooms | $255K | $275K | +7.8% |
| 4 Bedrooms | $299.9K | $345K | +15.0% |
| 5+ Bedrooms | $379.5K | $459.3K | +21.0% |
Summary: Faribault housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.9%, 2 bedroom homes increased by 16.3%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 21%.
Median Sold Price Compared To Nearby Cities
| Wells Township | $185.9K | $280K | +50.6% |
| Faribault | $269.5K | $299.9K | +11.3% |
| Warsaw Township | $457.9K | $375K | -18.1% |
Housing Supply in Faribault, MN
How many homes are available in Faribault, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 113 | 103 | -8.8% |
Summary: The Faribault real estate market had 103 homes for sale in November 2024, a 8.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 0 | -100.0% |
| 2 Bedrooms | 17 | 18 | +5.9% |
| 3 Bedrooms | 47 | 44 | -6.4% |
| 4 Bedrooms | 27 | 22 | -18.5% |
| 5+ Bedrooms | 20 | 19 | -5.0% |
Summary: The Faribault housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 5.9%, 3 bedroom homes decreased by 6.4%, 4 bedroom homes decreased by 18.5%, and 5+ bedroom homes decreased by 5%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 28 | 24 | -14.3% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Faribault, you may be able to get a good deal. 70.8% of homes here sold below asking price last month.
Summary: A total of 24 homes were sold or pending in Faribault in November 2024, down by 14.3% month-over-month. Of the 24 sold homes, 71% were sold under asking, 13% were sold at asking, and 17% were sold over asking.
Days on Market for Faribault, MN
How long does it take to sell a home in Faribault, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 27 Days | 35 Days | +28.5% |
Summary: Homes in Faribault had an average of 35 days on market in Nov 2024, up by 28.5% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Faribault are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 24 homes were sold in Faribault; 63% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
