55118 Housing Market Report January 2025•Dakota County, Minnesota

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Housing Prices in 55118, MN

How much do homes in 55118, MN cost?

Housing Market Conditions

Is 55118, MN a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

55118 is a Seller's Market

Difference Since January 2024

Since last year, 55118 has remained a Seller's Market.

Insight

55118 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$349,800$192/SqFt
+$9,866
+2.9%

Based on all homes sold in the last 12 months

Insight

Homes in 55118 have sold for 2.9% more than they did a year ago.

Summary: The median home sold price in 55118 was $349,800 in January 2025, up 2.9% from last year, and the median price per square foot was $192.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
55107
+6.6%
55075
+3.4%
55102
+2.9%
55118
+2.9%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2024Jan 2025Change YoY
1$240K$155K
-35.4%
2$247.4K$247.5K
0.0%
3$340K$353.5K
+4.0%
4$424.9K$505K
+18.9%
5$460K$774K
+68.3%

Summary: 55118 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes decreased by -35.4%. The home price for 2 bedroom homes did not change. The home price for 3 bedroom homes increased by +4.0%. The home price for 4 bedroom homes increased by +18.9%. The home price for 5 bedroom homes increased by +68.3%.

Housing supply in 55118, MN

How many homes are available in 55118, MN?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
85Last MonthJan 2025
782 months agoDec 2024
+9.0 %
Change MoMDec – Jan

Summary: The 55118 real estate market had 85 homes for sale in Jan 2025, a 9.0 % increase compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
21Last MonthJan 2025
212 months agoDec 2024
0.0 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
134
+33.3%
21621
+31.3%
32226
+18.2%
42724
-11.1%
51010
0.0%

Summary: 55118 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +33.3%. The inventory for 2 bedroom homes increased by +31.3%. The inventory for 3 bedroom homes increased by +18.2%. The inventory for 4 bedroom homes decreased by -11.1%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in 55118, MN cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price7 Homes

At Asking Price4 Homes

Under Asking Price10 Homes

Insight

If you're buying a home in 55118, you may be able to get a good deal. 47.6% of homes here sold below asking price last month.

Summary: A total of 21 homes were sold or pending in 55118 in January 2025, the same as the previous month. Of the 21 sold homes, 48% were sold under asking, 19% were sold at asking, and and 33% were sold over asking.

Days on Market for 55118, MN

How long does it take to sell a home in 55118, MN?

Breakdown of Home Sale Times

Under 30 Days4 Homes

30 – 90 Days12 Homes

Over 90 Days3 Homes

Insight

Avg time on Rocket Homes in 55118 has remained consistent over time.

Summary: During January 2025, 21 homes were sold in 55118; 19% of homes were sold within 30 days, 57% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
57 DaysThis YearJan 2025
31 Days1 year agoJan 2024
+80.0 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in 55118 had an average listing age of 57 days in Jan 2025, up by 80.0% compared to the previous year.

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Newest Listings in 55118, MN

What homes are available in 55118, MN?

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Last updated on: 2/3/2025, 9:22:49 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.