$2,789 Closing Credit*
$234,900
1,196 SqFt
3 Beds
•1 Full Bath
Listing Office: Real Broker, LLC
Is Mankato, 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, 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
$154/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$26,000(+9.3%)
Key Takeaway
Homes in Mankato have sold for 9.3% more than they did a year ago.
Summary: The median home sold price in Mankato was $305,000 in October 2024, up 9.3% from last year, and the median price per square foot was $154.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $140K | +7.7% |
| 2 Bedrooms | $242.8K | $225K | -7.3% |
| 3 Bedrooms | $258.9K | $256.7K | -0.8% |
| 4 Bedrooms | $325.9K | $350K | +7.4% |
| 5+ Bedrooms | $374.7K | $477.4K | +27.4% |
Summary: Mankato housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.7%, 2 bedroom homes decreased by 7.3%, 3 bedroom homes decreased by 0.8%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 27.4%.
Median Sold Price Compared To Nearby Cities
| Mankato | $279K | $305K | +9.3% |
| Mankato Township | $283K | $305K | +7.8% |
| North Mankato | $302.9K | $322.5K | +6.5% |
Housing Supply in Mankato, MN
How many homes are available in Mankato, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 81 | 100 | +23.5% |
Summary: The Mankato real estate market had 100 homes for sale in October 2024, a 23.5% 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 | 13 | 13 | 0.0% |
| 3 Bedrooms | 34 | 47 | +38.2% |
| 4 Bedrooms | 25 | 31 | +24.0% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The Mankato 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 increased by 38.2%, 4 bedroom homes increased by 24%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 14 | 20 | +42.9% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mankato, you may be able to get a good deal. 45% of homes here sold below asking price last month.
Summary: A total of 20 homes were sold or pending in Mankato in October 2024, up by 42.9% month-over-month. Of the 20 sold homes, 45% were sold under asking, 35% were sold at asking, and 20% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 26 Days | 51 Days | +92.4% |
Summary: Homes in Mankato had an average of 51 days on market in Oct 2024, up by 92.4% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Mankato are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 20 homes were sold in Mankato; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
