55406 Housing Market Report January 2025•Hennepin County, Minnesota

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Housing Prices in 55406, MN

How much do homes in 55406, MN cost?

Housing Market Conditions

Is 55406, 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

55406 is a Seller's Market

Difference Since January 2024

Since last year, 55406 has remained a Seller's Market.

Insight

55406 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.
$335,000$246/SqFt
+$14,900
+4.7%

Based on all homes sold in the last 12 months

Insight

Homes in 55406 have sold for 4.7% more than they did a year ago.

Summary: The median home sold price in 55406 was $335,000 in January 2025, up 4.7% from last year, and the median price per square foot was $246.

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
55404
+8.7%
55407
+4.9%
55406
+4.7%
55417
+1.5%

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$182.5K$161K
-11.8%
2$276K$290.5K
+5.3%
3$346K$347K
0.3%
4$452K$475.5K
+5.2%
5$405K$539K
+33.1%

Summary: 55406 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes decreased by -11.8%. The home price for 2 bedroom homes increased by +5.3%. The home price for 3 bedroom homes increased by 0.3%. The home price for 4 bedroom homes increased by +5.2%. The home price for 5 bedroom homes increased by +33.1%.

Housing supply in 55406, MN

How many homes are available in 55406, 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
72Last MonthJan 2025
722 months agoDec 2024
0.0 %
Change MoMDec – Jan

Summary: The 55406 real estate market had 72 homes for sale in Jan 2025, the same as 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
18Last MonthJan 2025
252 months agoDec 2024
-28.0 %
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
101
+100.0%
21821
+16.7%
33331
-6.1%
41817
-5.6%
532
-33.3%

Summary: 55406 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +100.0%. The inventory for 2 bedroom homes increased by +16.7%. The inventory for 3 bedroom homes decreased by -6.1%. The inventory for 4 bedroom homes decreased by -5.6%. The inventory for 5 bedroom homes decreased by -33.3%.

Asking Price vs. Sold Price

How much do homes in 55406, 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 Price6 Homes

At Asking Price4 Homes

Under Asking Price8 Homes

Insight

If you're buying a home in 55406, 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 55406 in January 2025, down by 28.0% month-over-month. Of the 18 sold homes, 44% were sold under asking, 22% were sold at asking, and and 33% were sold over asking.

Days on Market for 55406, MN

How long does it take to sell a home in 55406, MN?

Breakdown of Home Sale Times

Under 30 Days13 Homes

30 – 90 Days4 Homes

Over 90 Days1 Home

Insight

Many homes in 55406 are selling fast, if you're buying plan to act quickly.

Summary: During January 2025, 18 homes were sold in 55406; 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.

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
25 DaysThis YearJan 2025
32 Days1 year agoJan 2024
-19.5 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in 55406 had an average listing age of 25 days in Jan 2025, down by 19.5% compared to the previous year.

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Newest Listings in 55406, MN

What homes are available in 55406, MN?

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Last updated on: 2/1/2025, 11:52:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.