Is Madelia, MN 56062 a buyer’s or seller’s market?
Madelia is a seller’s market. With about 3.2 months of supply and 25% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Madelia housing market right now
In the three months ending August 31, 2026, 25% of homes in Madelia, MN 56062 sold above their list price, the typical home went under contract in 32 days and there were 3.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 12 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 17%, homes sold faster (54 days then) and the median sale price fell 9% to $197,565. Overall, Madelia is more competitive than a year ago, so tougher for buyers.
Nearby, buyers who want less competition could look at Butterfield 56120 (0% sold over asking) or Saint James 56081 (12% sold over asking), while Lewisville 56060 (33% sold over asking) is even more competitive.
Run the numbers for 56062
Nearby markets
Butterfield 56120Buyer’s market $51 /sq ftLewisville 56060 $84 /sq ftSaint James 56081Balanced $106 /sq ft Browse all markets →Towns like Madelia nearby
Find towns like Madelia in other states →Where Madelia is
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Questions about Madelia real estate
Is Madelia a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Madelia, MN 56062 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Madelia?
The typical home went under contract in 32 days in the latest three months.
Do homes in Madelia sell over asking?
25% of homes sold above their original list price, and the typical sale closed at 97.0% of the list price.
What are property taxes in Madelia?
About 1.05% of a home’s value a year in Watonwan County, or roughly $4,200 on a $400,000 home.
What is the median home price in Madelia?
The median sale price was $197,565 in the three months ending August 31, 2026, about $142 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology