Is Wells, MN 56097 a buyer’s or seller’s market?
Wells is a seller’s market. With about 3.5 months of supply and 0% 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 Wells housing market right now
In the three months ending August 31, 2026, 0% of homes in Wells, MN 56097 sold above their list price, the typical home went under contract in 41 days and there were 3.5 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 11 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 36%, homes sold more slowly (14 days then) and the median sale price fell 22% to $173,925. Overall, Wells is less competitive than a year ago, which gives buyers more room.
Within Faribault County, homes here sell faster than in 50% of the county’s ZIP codes, and sell less often over asking than in any other ZIP code in the county.
Nearby, Winnebago 56098 (67% sold over asking) and Blue Earth 56013 (13% sold over asking) are even more competitive.
Run the numbers for 56097
Nearby markets
Blue Earth 56013Seller’s market $103 /sq ftBricelyn 56014Seller’s market $103 /sq ftDelavan 56023 — /sq ftEaston 56025 $129 /sq ft Browse all markets →Towns like Wells nearby
Find towns like Wells in other states →Where Wells is
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Questions about Wells real estate
Is Wells a buyer’s or seller’s market?
A seller’s market: there were 3.5 months of supply in Wells, MN 56097 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 Wells?
The typical home went under contract in 41 days in the latest three months.
Do homes in Wells sell over asking?
0% of homes sold above their original list price, and the typical sale closed at 96.6% of the list price.
What are property taxes in Wells?
About 0.99% of a home’s value a year in Faribault County, or roughly $3,960 on a $400,000 home.
What is the median home price in Wells?
The median sale price was $173,925 in the three months ending August 31, 2026, about $91 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