Is Shakopee, 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, Shakopee has remained a Seller's Market.
Key Takeaway
Shakopee is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Shakopee, MN
How much do homes in Shakopee, MN cost?
Median Sold Price
$390,638
$191/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Shakopee have sold for 5.3% more than they did a year ago.
Summary: The median home sold price in Shakopee was $390,638 in May 2024, up 5.3% from last year, and the median price per square foot was $191.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $199K | $159K | -20.1% |
| 2 Bedrooms | $259.9K | $259.4K | -0.2% |
| 3 Bedrooms | $320K | $355.3K | +11.0% |
| 4 Bedrooms | $465K | $460.3K | -1.0% |
| 5+ Bedrooms | $551K | $600K | +8.9% |
Summary: Shakopee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.1%, 2 bedroom homes decreased by 0.2%, 3 bedroom homes increased by 11%, 4 bedroom homes decreased by 1%, and 5+ bedroom homes increased by 8.9%.
Median Sold Price Compared To Nearby Cities
| Shakopee | $370.9K | $390.6K | +5.3% |
| Prior Lake | $480.6K | $481.6K | 0.2% |
| Eden Prairie | $460K | $459.9K | 0% |
| Jackson Township | $472.3K | $174K | -63.2% |
Housing Supply in Shakopee, MN
How many homes are available in Shakopee, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 204 | 253 | +24.0% |
Summary: The Shakopee real estate market had 253 homes for sale in May 2024, a 24.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 33 | 39 | +18.2% |
| 3 Bedrooms | 67 | 90 | +34.3% |
| 4 Bedrooms | 68 | 85 | +25.0% |
| 5+ Bedrooms | 36 | 39 | +8.3% |
Summary: The Shakopee 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 18.2%, 3 bedroom homes increased by 34.3%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 55 | 54 | -1.8% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Shakopee, you could pay more than the asking price. 42.6% of homes here sold above asking price last month.
Summary: A total of 54 homes were sold or pending in Shakopee in May 2024, down by 1.8% month-over-month. Of the 54 sold homes, 26% were sold under asking, 31% were sold at asking, and 43% were sold over asking.
Days on Market for Shakopee, MN
How long does it take to sell a home in Shakopee, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 21 Days | -1.8% |
Summary: Homes in Shakopee had an average of 21 days on market in May 2024, down by 1.8% compared to last year.
Breakdown of Home Sale Times
42 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Shakopee are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 54 homes were sold in Shakopee; 78% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
