Is Albert Lea, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Albert Lea has remained a Seller's Market.
Key Takeaway
Albert Lea is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Albert Lea, MN
How much do homes in Albert Lea, MN cost?
Median Sold Price
$155,000
$104/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Albert Lea have sold for 3.1% less than they did a year ago.
Summary: The median home sold price in Albert Lea was $155,000 in April 2024, down 3.1% from last year, and the median price per square foot was $104.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $80K | $75.5K | -5.6% |
| 2 Bedrooms | $139.9K | $108.9K | -22.1% |
| 3 Bedrooms | $158K | $155K | -1.9% |
| 4 Bedrooms | $234.9K | $205K | -12.7% |
| 5+ Bedrooms | $201K | $303.5K | +51.0% |
Summary: Albert Lea housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.6%, 2 bedroom homes decreased by 22.1%, 3 bedroom homes decreased by 1.9%, 4 bedroom homes decreased by 12.7%, and 5+ bedroom homes increased by 51%.
Median Sold Price Compared To Nearby Cities
| Albert Lea | $160K | $155K | -3.1% |
| Albert Lea Township | $160K | $155K | -3.1% |
Housing Supply in Albert Lea, MN
How many homes are available in Albert Lea, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 62 | 76 | +22.6% |
Summary: The Albert Lea real estate market had 76 homes for sale in April 2024, a 22.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 15 | 13 | -13.3% |
| 3 Bedrooms | 30 | 41 | +36.7% |
| 4 Bedrooms | 14 | 17 | +21.4% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Albert Lea housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 13.3%, 3 bedroom homes increased by 36.7%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 13 | -23.5% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Albert Lea, 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 Albert Lea in April 2024, down by 23.5% month-over-month. Of the 13 sold homes, 54% were sold under asking, 8% were sold at asking, and 38% were sold over asking.
Days on Market for Albert Lea, MN
How long does it take to sell a home in Albert Lea, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 49 Days | 27 Days | -45.1% |
Summary: Homes in Albert Lea had an average of 27 days on market in Apr 2024, down by 45.1% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Albert Lea are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 13 homes were sold in Albert Lea; 77% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
