$4,097 Closing Credit*
$345,000
2,065 SqFt
4 Beds
•1 Full Bath, 1 Partial
Listing Office: Keller Williams Select Realty
Is Faribault, 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, 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 October 2023
+$33,066(+12.4%)
Key Takeaway
Homes in Faribault have sold for 12.4% more than they did a year ago.
Summary: The median home sold price in Faribault was $299,900 in October 2024, up 12.4% from last year, and the median price per square foot was $165.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $192.4K | $160K | -16.9% |
| 2 Bedrooms | $195.9K | $240.5K | +22.8% |
| 3 Bedrooms | $254.9K | $275K | +7.9% |
| 4 Bedrooms | $295K | $345K | +16.9% |
| 5+ Bedrooms | $379.5K | $478.7K | +26.1% |
Summary: Faribault housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.9%, 2 bedroom homes increased by 22.8%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 16.9%, and 5+ bedroom homes increased by 26.1%.
Median Sold Price Compared To Nearby Cities
| Wells Township | $183.2K | $255K | +39.2% |
| Faribault | $266.8K | $299.9K | +12.4% |
Housing Supply in Faribault, MN
How many homes are available in Faribault, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 115 | 126 | +9.6% |
Summary: The Faribault real estate market had 126 homes for sale in October 2024, a 9.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 20 | 21 | +5.0% |
| 3 Bedrooms | 40 | 49 | +22.5% |
| 4 Bedrooms | 31 | 30 | -3.2% |
| 5+ Bedrooms | 22 | 23 | +4.5% |
Summary: The Faribault housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 22.5%, 4 bedroom homes decreased by 3.2%, and 5+ bedroom homes increased by 4.5%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 22 | 27 | +22.7% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Faribault, expect to pay close to the asking price. 40.7% of homes here sold near the asking price last month.
Summary: A total of 27 homes were sold or pending in Faribault in October 2024, up by 22.7% month-over-month. Of the 27 sold homes, 26% were sold under asking, 41% were sold at asking, and 33% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 31 Days | 47 Days | +49.7% |
Summary: Homes in Faribault had an average of 47 days on market in Oct 2024, up by 49.7% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
5 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 October 2024, 27 homes were sold in Faribault; 44% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
