Is Mendota Heights, 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, Mendota Heights has remained a Seller's Market.
Key Takeaway
Mendota Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Mendota Heights, MN
How much do homes in Mendota Heights, MN cost?
Median Sold Price
$525,000
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Mendota Heights have sold for 5% more than they did a year ago.
Summary: The median home sold price in Mendota Heights was $525,000 in May 2024, up 5% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $274K | $525K | +91.6% |
| 2 Bedrooms | $347.5K | $269K | -22.6% |
| 3 Bedrooms | $507.5K | $477.5K | -5.9% |
| 4 Bedrooms | $575K | $672.5K | +17.0% |
| 5+ Bedrooms | $689K | $719.9K | +4.5% |
Summary: Mendota Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 91.6%, 2 bedroom homes decreased by 22.6%, 3 bedroom homes decreased by 5.9%, 4 bedroom homes increased by 17%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Cities
| Mendota Heights | $500K | $525K | +5.0% |
| Lilydale | $530K | $390K | -26.4% |
Housing Supply in Mendota Heights, MN
How many homes are available in Mendota Heights, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 45 | 56 | +24.4% |
Summary: The Mendota Heights real estate market had 56 homes for sale in May 2024, a 24.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 11 | +22.2% |
| 3 Bedrooms | 12 | 19 | +58.3% |
| 4 Bedrooms | 15 | 11 | -26.7% |
| 5+ Bedrooms | 8 | 14 | +75.0% |
Summary: The Mendota Heights housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 58.3%, 4 bedroom homes decreased by 26.7%, and 5+ bedroom homes increased by 75%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 13 | +116.7% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mendota Heights, you may be able to get a good deal. 38.5% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Mendota Heights in May 2024, up by 116.7% month-over-month. Of the 13 sold homes, 38% were sold under asking, 31% were sold at asking, and 31% were sold over asking.
Days on Market for Mendota Heights, MN
How long does it take to sell a home in Mendota Heights, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 35 Days | +71.9% |
Summary: Homes in Mendota Heights had an average of 35 days on market in May 2024, up by 71.9% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Mendota Heights are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in Mendota Heights; 46% of homes were sold within 30 days, 46% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
