Is Orono, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Orono was a Seller's Market.
Housing Prices in Orono, MN
How much do homes in Orono, MN cost?
Median Sold Price
$990,000
$279/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Orono was $990,000 in May 2024, down 2.9% from last year, and the median price per square foot was $279.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $170K | $174.2K | +2.5% |
2 Bedrooms | $413.1K | $290K | -29.8% |
3 Bedrooms | $505K | $554K | +9.7% |
4 Bedrooms | $1.8M | $1.5M | -15.5% |
5+ Bedrooms | $1.4M | $1.9M | +41.1% |
Summary: Orono housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.5%, 2 bedroom homes decreased by 29.8%, 3 bedroom homes increased by 9.7%, 4 bedroom homes decreased by 15.5%, and 5+ bedroom homes increased by 41.1%.
Median Sold Price Compared To Nearby Cities
Orono | $1.0M | $990K | -2.9% |
Shorewood | $720K | $672K | -6.7% |
Long Lake | $640K | $587.5K | -8.2% |
Spring Park | $775K | $449.9K | -41.9% |
Housing Supply in Orono, MN
How many homes are available in Orono, MN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
70 | 75 | +7.1% |
Summary: The Orono real estate market had 75 homes for sale in May 2024, a 7.1% 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 | 7 | 4 | -42.9% |
3 Bedrooms | 20 | 19 | -5.0% |
4 Bedrooms | 20 | 24 | +20.0% |
5+ Bedrooms | 22 | 27 | +22.7% |
Summary: The Orono 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 decreased by 42.9%, 3 bedroom homes decreased by 5%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 22.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
16 | 10 | -37.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Orono in May 2024, down by 37.5% month-over-month. Of the 10 sold homes, 80% were sold under asking, 20% were sold at asking, and 0% were sold over asking.
Days on Market for Orono, MN
How long does it take to sell a home in Orono, MN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
19 Days | 71 Days | +272.8% |
Summary: Homes in Orono had an average of 71 days on market in May 2024, up by 272.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in Orono; 40% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.