Is Burnsville, 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, Burnsville has remained a Seller's Market.
Key Takeaway
Burnsville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Burnsville, MN
How much do homes in Burnsville, MN cost?
Median Sold Price
$365,016
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Burnsville have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Burnsville was $365,016 in May 2024, up 4.3% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $100K | $93.2K | -6.8% |
| 2 Bedrooms | $238K | $246.5K | +3.6% |
| 3 Bedrooms | $350.1K | $361.3K | +3.2% |
| 4 Bedrooms | $399K | $411K | +3.0% |
| 5+ Bedrooms | $425K | $440K | +3.5% |
Summary: Burnsville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.8%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 3.5%.
Median Sold Price Compared To Nearby Cities
| Apple Valley | $350K | $369.1K | +5.5% |
| Burnsville | $350K | $365K | +4.3% |
| Lakeville | $466.9K | $487.1K | +4.3% |
| Bloomington | $348.5K | $359.4K | +3.1% |
| Eagan | $374.7K | $380K | +1.4% |
Housing Supply in Burnsville, MN
How many homes are available in Burnsville, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 195 | 211 | +8.2% |
Summary: The Burnsville real estate market had 211 homes for sale in May 2024, a 8.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 13 | +18.2% |
| 2 Bedrooms | 51 | 55 | +7.8% |
| 3 Bedrooms | 66 | 59 | -10.6% |
| 4 Bedrooms | 50 | 63 | +26.0% |
| 5+ Bedrooms | 17 | 21 | +23.5% |
Summary: The Burnsville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18.2%, 2 bedroom homes increased by 7.8%, 3 bedroom homes decreased by 10.6%, 4 bedroom homes increased by 26%, and 5+ bedroom homes increased by 23.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 66 | 56 | -15.2% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Burnsville, you could pay more than the asking price. 42.9% of homes here sold above asking price last month.
Summary: A total of 56 homes were sold or pending in Burnsville in May 2024, down by 15.2% month-over-month. Of the 56 sold homes, 30% were sold under asking, 27% were sold at asking, and 43% were sold over asking.
Days on Market for Burnsville, MN
How long does it take to sell a home in Burnsville, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 25 Days | +40.2% |
Summary: Homes in Burnsville had an average of 25 days on market in May 2024, up by 40.2% compared to last year.
Breakdown of Home Sale Times
43 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Burnsville are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 56 homes were sold in Burnsville; 77% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
