Is Faribault County, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Faribault County has remained a Seller's Market.
Housing Prices in Faribault County, MN
How much do homes in Faribault County, MN cost?
Median Sold Price
$137,250
$83/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Faribault County was $137,250 in May 2024, up 8.1% from last year, and the median price per square foot was $83.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $28K | $105K | +275.0% |
2 Bedrooms | $114.5K | $116.5K | +1.7% |
3 Bedrooms | $128.7K | $120K | -6.8% |
4 Bedrooms | $165K | $172.5K | +4.5% |
5+ Bedrooms | $64K | $187.9K | +193.7% |
Summary: Faribault County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 275%, 2 bedroom homes increased by 1.7%, 3 bedroom homes decreased by 6.8%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 193.7%.
Median Sold Price Compared To Nearby Counties
Waseca County | $211K | $240K | +13.7% |
Martin County | $145.1K | $160K | +10.2% |
Faribault County | $127K | $137.2K | +8.1% |
Blue Earth County | $296.5K | $291K | -1.9% |
Housing Supply in Faribault County, MN
How many homes are available in Faribault County, MN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
40 | 44 | +10.0% |
Summary: The Faribault County real estate market had 44 homes for sale in May 2024, a 10.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 4 | 4 | 0.0% |
3 Bedrooms | 20 | 22 | +10.0% |
4 Bedrooms | 13 | 15 | +15.4% |
5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Faribault County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
6 | 9 | +50.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 9 homes were sold or pending in Faribault County in May 2024, up by 50.0% month-over-month. Of the 9 sold homes, 56% were sold under asking, 33% were sold at asking, and 11% were sold over asking.
Days on Market for Faribault County, MN
How long does it take to sell a home in Faribault County, MN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
51 Days | 67 Days | +31.6% |
Summary: Homes in Faribault County had an average of 67 days on market in May 2024, up by 31.6% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 9 homes were sold in Faribault County; 22% of homes were sold within 30 days, 56% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.