Is Elk River, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Elk River has remained a Seller's Market.
Key Takeaway
Elk River is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elk River, MN
How much do homes in Elk River, MN cost?
Median Sold Price
$405,240
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Elk River have sold for 4% more than they did a year ago.
Summary: The median home sold price in Elk River was $405,240 in May 2024, up 4% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $155.9K | N/A |
| 2 Bedrooms | $250K | $265K | +6.0% |
| 3 Bedrooms | $347.5K | $350K | +0.7% |
| 4 Bedrooms | $430.9K | $454.7K | +5.5% |
| 5+ Bedrooms | $513.5K | $490K | -4.6% |
Summary: Elk River housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 0.7%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes decreased by 4.6%.
Housing Supply in Elk River, MN
How many homes are available in Elk River, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 235 | 282 | +20.0% |
Summary: The Elk River real estate market had 282 homes for sale in May 2024, a 20.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 45 | 49 | +8.9% |
| 3 Bedrooms | 80 | 107 | +33.8% |
| 4 Bedrooms | 83 | 90 | +8.4% |
| 5+ Bedrooms | 27 | 35 | +29.6% |
Summary: The Elk River housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 33.8%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 29.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 70 | 53 | -24.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
26 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elk River, expect to pay close to the asking price. 49.1% of homes here sold near the asking price last month.
Summary: A total of 53 homes were sold or pending in Elk River in May 2024, down by 24.3% month-over-month. Of the 53 sold homes, 11% were sold under asking, 49% were sold at asking, and 40% were sold over asking.
Days on Market for Elk River, MN
How long does it take to sell a home in Elk River, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 26 Days | -6.3% |
Summary: Homes in Elk River had an average of 26 days on market in May 2024, down by 6.3% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elk River are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 53 homes were sold in Elk River; 77% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
