55407 Housing Market Report February 2025•Hennepin County, Minnesota

hero building illustration for mobile

Housing Prices in 55407, MN

How much do homes in 55407, MN cost?

Housing Market Conditions

Is 55407, 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

55407 is a Neutral Market

Difference Since February 2024

At the same time last year, 55407 was a Seller's Market.

Insight

55407 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

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.
$320,000$203/SqFt
+$16,000
+5.3%

Based on all homes sold in the last 12 months

Insight

Homes in 55407 have sold for 5.3% more than they did a year ago.

Summary: The median home sold price in 55407 was $320,000 in February 2025, up 5.3% from last year, and the median price per square foot was $203.

Median Sold Price By Zip Codes

Median Sold Price By Zip Codes
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
55408
+16.6%
55404
+8.7%
55419
+6.0%
55406
+5.5%
55407
+5.3%

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.
BedsFeb 2024Feb 2025Change YoY
1$116K$111K
-4.3%
2$255K$274K
+7.5%
3$312.5K$349.9K
+12.0%
4$360K$362.5K
+0.7%
5$359.9K$384.9K
+7.0%

Summary: 55407 housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes decreased by -4.3%. The home price for 2 bedroom homes increased by +7.5%. The home price for 3 bedroom homes increased by +12.0%. The home price for 4 bedroom homes increased by +0.7%. The home price for 5 bedroom homes increased by +7.0%.

How does 55407, MN compare with other places?

Market comparison tool

Data and numbers shown are subject to change and may vary based on different timeframes.

55407, MN

Housing supply in 55407, MN

How many homes are available in 55407, 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
79Last MonthFeb 2025
622 months agoJan 2025
+27.4 %
Change MoMJan – Feb

Summary: The 55407 real estate market had 79 homes for sale in Feb 2025, a 27.4 % increase compared to Jan 2025.

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
13Last MonthFeb 2025
132 months agoJan 2025
0.0 %
Change MoMJan – Feb

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.
BedsJan 2025Feb 2025Change MoM
11115
+36.4%
21619
+18.8%
31623
+43.8%
41213
+8.3%
579
+28.6%

Summary: 55407 housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +36.4%. The inventory for 2 bedroom homes increased by +18.8%. The inventory for 3 bedroom homes increased by +43.8%. The inventory for 4 bedroom homes increased by +8.3%. The inventory for 5 bedroom homes increased by +28.6%.

Asking Price vs. Sold Price

How much do homes in 55407, 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 Price5 Homes

At Asking Price1 Home

Under Asking Price7 Homes

Insight

If you're buying a home in 55407, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in 55407 in February 2025, the same as the previous month. Of the 13 sold homes, 54% were sold under asking, 8% were sold at asking, and and 38% were sold over asking.

Days on Market for 55407, MN

How long does it take to sell a home in 55407, MN?

Breakdown of Home Sale Times

Under 30 Days7 Homes

30 – 90 Days2 Homes

Over 90 Days4 Homes

Insight

Many homes in 55407 are selling fast, if you're buying plan to act quickly.

Summary: During February 2025, 13 homes were sold in 55407; 54% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 31% 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
54 DaysThis YearFeb 2025
30 Days1 year agoFeb 2024
+75.8 %
Change YoYFeb 2024 – Feb 2025

Summary: Homes in 55407 had an average listing age of 54 days in Feb 2025, up by 75.8% compared to the previous year.

Connect With An Agent

Local real estate agents are ready to help you find a home here

Sell My Home

Sell your home with an expert or get the job done on your own.

Get Approved

Get a customizable mortgage solution based on today's rates.

Newest Listings in 55407, MN

What homes are available in 55407, MN?

See More Listings

Nearby markets

Popular Cities with Homes for Sale in Minnesota

MLS Disclaimers and Copyright

Based on information from NorthStar of Minnesota / Regional Multiple Listing Service of Minnesota Inc., for the period 03/01/2023 - 03/01/2025

IDX Broker Reciprocity Copyright © 2025 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.

By searching, you agree to the EULA Terms Agreement.

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some or all of the property listings above may have been submitted to the Regional Multiple Listing Service (RMLS) by the listing broker for distribution to cooperating brokers through Broker reciprocity. Attribution of the listing broker may be found on the detail page for all properties. The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited. No part of this search utility may be reproduced, adapted, translated, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise. Home sale information is not an appraisal, competitive or comparative market analysis, CMA or home valuation.

DMCA Notice
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/12/2025, 2:22:51 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.