$8,609 Closing Credit*
$725,000
2,007 SqFt
3 Beds
•1 Full Bath, 1 Partial
Listing Office: Edina Realty, Inc.
Is Independence, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Independence was a Seller's Market.
Key Takeaway
Independence 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 Independence, MN
How much do homes in Independence, MN cost?
Median Sold Price
$922,500
$240/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$90,000(+10.8%)
Key Takeaway
Homes in Independence have sold for 10.8% more than they did a year ago.
Summary: The median home sold price in Independence was $922,500 in October 2024, up 10.8% from last year, and the median price per square foot was $240.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $550K | N/A |
| 2 Bedrooms | - | $320K | N/A |
| 3 Bedrooms | $445K | $446.5K | 0.3% |
| 4 Bedrooms | $711.2K | $892.5K | +25.5% |
| 5+ Bedrooms | $1.5M | $1.2M | -19.4% |
Summary: Independence housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 25.5%, and 5+ bedroom homes decreased by 19.4%.
Median Sold Price Compared To Nearby Cities
| Maple Plain | $520K | $632.4K | +21.6% |
| Independence | $832.5K | $922.5K | +10.8% |
| Franklin Township | $442.4K | $454.9K | +2.8% |
| Rockford | $375K | $347.5K | -7.3% |
Housing Supply in Independence, MN
How many homes are available in Independence, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 17 | 18 | +5.9% |
Summary: The Independence real estate market had 18 homes for sale in October 2024, a 5.9% 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 | 1 | 1 | 0.0% |
| 3 Bedrooms | 0 | 0 | 0.0% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 9 | 9 | 0.0% |
Summary: The Independence 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Independence, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Independence in October 2024, the same as the previous month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Independence, MN
How long does it take to sell a home in Independence, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 27 Days | 70 Days | +155.4% |
Summary: Homes in Independence had an average of 70 days on market in Oct 2024, up by 155.4% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Independence has remained consistent over time.
Summary: During October 2024, 3 homes were sold in Independence; 0% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
