56345 Housing Market Report January 2025•Morrison County, Minnesota

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Housing Prices in 56345, MN

How much do homes in 56345, MN cost?

Housing Market Conditions

Is 56345, 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

56345 is a Seller's Market

Difference Since January 2024

Since last year, 56345 has remained a Seller's Market.

Insight

56345 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.
$240,500$139/SqFt
+$9,500
+4.1%

Based on all homes sold in the last 12 months

Insight

Homes in 56345 have sold for 4.1% more than they did a year ago.

Summary: The median home sold price in 56345 was $240,500 in January 2025, up 4.1% from last year, and the median price per square foot was $139.

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$94.6K$130K
+37.3%
2$190K$230.7K
+21.4%
3$222.7K$231.7K
+4.0%
4$278.9K$250K
-10.4%
5$338K$320K
-5.3%

Summary: 56345 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes increased by +37.3%. The home price for 2 bedroom homes increased by +21.4%. The home price for 3 bedroom homes increased by +4.0%. The home price for 4 bedroom homes decreased by -10.4%. The home price for 5 bedroom homes decreased by -5.3%.

Housing supply in 56345, MN

How many homes are available in 56345, 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
43Last MonthJan 2025
422 months agoDec 2024
+2.4 %
Change MoMDec – Jan

Summary: The 56345 real estate market had 43 homes for sale in Jan 2025, a 2.4 % 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
8Last MonthJan 2025
82 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
101
+100.0%
2119
-18.2%
31415
+7.1%
41214
+16.7%
554
-20.0%

Summary: 56345 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 decreased by -18.2%. The inventory for 3 bedroom homes increased by +7.1%. The inventory for 4 bedroom homes increased by +16.7%. The inventory for 5 bedroom homes decreased by -20.0%.

Asking Price vs. Sold Price

How much do homes in 56345, 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 Price4 Homes

At Asking Price2 Homes

Under Asking Price2 Homes

Insight

If you're buying a home in 56345, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 8 homes were sold or pending in 56345 in January 2025, the same as the previous month. Of the 8 sold homes, 25% were sold under asking, 25% were sold at asking, and and 50% were sold over asking.

Days on Market for 56345, MN

How long does it take to sell a home in 56345, MN?

Breakdown of Home Sale Times

Under 30 Days6 Homes

30 – 90 Days1 Home

Over 90 Days1 Home

Insight

Many homes in 56345 are selling fast, if you're buying plan to act quickly.

Summary: During January 2025, 8 homes were sold in 56345; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% 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
41 DaysThis YearJan 2025
41 Days1 year agoJan 2024
0.3 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in 56345 had an average listing age of 41 days in Jan 2025, down by .3% compared to the previous year.

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Newest Listings in 56345, MN

What homes are available in 56345, MN?

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Nearby markets aren't available for 56345, MN

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Last updated on: 2/6/2025, 11:52:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.