Is Mankato, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mankato is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Mankato has remained a Seller's Market.

Key Takeaway

Mankato is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Mankato, MN

How much do homes in Mankato, MN cost?

Median Sold Price

$305,000

$155/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$15,000(+5.2%)

Key Takeaway

Homes in Mankato have sold for 5.2% more than they did a year ago.

Summary: The median home sold price in Mankato was $305,000 in November 2024, up 5.2% from last year, and the median price per square foot was $155.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $130K$162.5K
+25.0%
2 $239K$229K
-4.2%
3 $260K$257K
-1.2%
4 $319.9K$356K
+11.3%
5+ $389.9K$474.9K
+21.8%

Summary: Mankato housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes decreased by 1.2%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 21.8%.

Median Sold Price Compared To Nearby Cities

North Mankato
+15.6%
Mankato
+5.2%
Mankato Township
+4.7%

Housing Supply in Mankato, MN

How many homes are available in Mankato, MN?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
9493-1.1%

Summary: The Mankato real estate market had 93 homes for sale in November 2024, a 1.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 1311
-15.4%
3 4447
+6.8%
4 2928
-3.4%
5+ 76
-14.3%

Summary: The Mankato housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 15.4%, 3 bedroom homes increased by 6.8%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes decreased by 14.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2118-14.3%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mankato, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in Mankato in November 2024, down by 14.3% month-over-month. Of the 18 sold homes, 44% were sold under asking, 22% were sold at asking, and 33% were sold over asking.

Days on Market for Mankato, MN

How long does it take to sell a home in Mankato, MN?

Average Sale Time

Nov 2023Nov 2024CHANGE
27 Days29 Days+7.4%

Summary: Homes in Mankato had an average of 29 days on market in Nov 2024, up by 7.4% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Mankato are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 18 homes were sold in Mankato; 72% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

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