55431 Housing Market Report December 2024•Hennepin County, Minnesota

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Housing Prices in 55431, MN

How much do homes in 55431, MN cost?

Housing Market Conditions

Is 55431, 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

55431 is a Seller's Market

Difference Since December 2023

Since last year, 55431 has remained a Seller's Market.

Insight

55431 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.
$385,000$189/SqFt
+$10,100
+2.7%

Based on all homes sold in the last 12 months

Insight

Homes in 55431 have sold for 2.7% more than they did a year ago.

Summary: The median home sold price in 55431 was $385,000 in December 2024, up 2.7% from last year, and the median price per square foot was $189.

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
55437
+7.2%
55420
+6.1%
55423
+5.3%
55435
+3.9%
55431
+2.7%

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.
BedsDec 2023Dec 2024Change YoY
1$107.2K$182.5K
+70.2%
2$305K$315K
+3.3%
3$365K$364.5K
-0.1%
4$397K$407K
+2.5%
5$455K$410K
-9.9%

Summary: 55431 housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +70.2%. The home price for 2 bedroom homes increased by +3.3%. The home price for 3 bedroom homes decreased by -0.1%. The home price for 4 bedroom homes increased by +2.5%. The home price for 5 bedroom homes decreased by -9.9%.

Housing supply in 55431, MN

How many homes are available in 55431, 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
53Last MonthDec 2024
642 months agoNov 2024
-17.2 %
Change MoMNov – Dec

Summary: The 55431 real estate market had 53 homes for sale in Dec 2024, a 17.2 % decrease compared to Nov 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
19Last MonthDec 2024
192 months agoNov 2024
0.0 %
Change MoMNov – Dec

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.
BedsNov 2024Dec 2024Change MoM
122
0.0%
298
-11.1%
31918
-5.3%
43021
-30.0%
544
0.0%

Summary: 55431 housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -11.1%. The inventory for 3 bedroom homes decreased by -5.3%. The inventory for 4 bedroom homes decreased by -30.0%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in 55431, 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 Price4 Homes

Under Asking Price10 Homes

Insight

If you're buying a home in 55431, you may be able to get a good deal. 52.6% of homes here sold below asking price last month.

Summary: A total of 19 homes were sold or pending in 55431 in December 2024, the same as the previous month. Of the 19 sold homes, 53% were sold under asking, 21% were sold at asking, and and 26% were sold over asking.

Days on Market for 55431, MN

How long does it take to sell a home in 55431, MN?

Breakdown of Home Sale Times

Under 30 Days10 Homes

30 – 90 Days9 Homes

Over 90 Days0 Home

Insight

Many homes in 55431 are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 19 homes were sold in 55431; 53% of homes were sold within 30 days, 47% of homes were sold within 30 to 90 days, and 0% 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
30 DaysThis YearDec 2024
32 Days1 year agoDec 2023
-6.2 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in 55431 had an average listing age of 30 days in Dec 2024, down by 6.2% compared to the previous year.

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Newest Listings in 55431, MN

What homes are available in 55431, MN?

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Last updated on: 1/20/2025, 11:52:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.