$5,938 Closing Credit*
$500,000
3,005 SqFt
5 Beds
•2 Full Baths, 1 Partial
Listing Office: Keller Williams Select Realty
Is Savage, 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, Savage has remained a Seller's Market.
Key Takeaway
Savage is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Savage, MN
How much do homes in Savage, MN cost?
Median Sold Price
$425,000
$190/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$15,333(+3.7%)
Key Takeaway
Homes in Savage have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Savage was $425,000 in October 2024, up 3.7% from last year, and the median price per square foot was $190.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $297.5K | $293.4K | -1.4% |
| 3 Bedrooms | $378.7K | $370K | -2.3% |
| 4 Bedrooms | $450K | $466K | +3.6% |
| 5+ Bedrooms | $562K | $605K | +7.7% |
Summary: Savage 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 decreased by 1.4%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 7.7%.
Median Sold Price Compared To Nearby Cities
| Prior Lake | $475K | $513K | +8.0% |
| Burnsville | $355K | $370K | +4.2% |
| Savage | $409.6K | $425K | +3.7% |
| Bloomington | $355K | $360K | +1.4% |
| Credit River Township | $816K | $825K | +1.1% |
Housing Supply in Savage, MN
How many homes are available in Savage, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 123 | 134 | +8.9% |
Summary: The Savage real estate market had 134 homes for sale in October 2024, a 8.9% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 18 | 22 | +22.2% |
| 3 Bedrooms | 43 | 44 | +2.3% |
| 4 Bedrooms | 50 | 52 | +4.0% |
| 5+ Bedrooms | 12 | 16 | +33.3% |
Summary: The Savage 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 increased by 22.2%, 3 bedroom homes increased by 2.3%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 36 | 31 | -13.9% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Savage, you could pay more than the asking price. 38.7% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in Savage in October 2024, down by 13.9% month-over-month. Of the 31 sold homes, 35% were sold under asking, 26% were sold at asking, and 39% were sold over asking.
Days on Market for Savage, MN
How long does it take to sell a home in Savage, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 35 Days | 22 Days | -35.3% |
Summary: Homes in Savage had an average of 22 days on market in Oct 2024, down by 35.3% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Savage are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 31 homes were sold in Savage; 77% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
