Is Duluth, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Duluth has remained a Seller's Market.
Key Takeaway
Duluth is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Duluth, MN
How much do homes in Duluth, MN cost?
Median Sold Price
$292,000
$187/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in Duluth have sold for 7.7% less than they did a month ago.
Summary: The median home sold price in Duluth was $292,000 in April 2024, down 7.7% from last month, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $339K | N/A |
| 2 Bedrooms | $281.5K | $227.6K | -19.1% |
| 3 Bedrooms | $273.2K | $292K | +6.9% |
| 4 Bedrooms | $550K | $363.5K | -33.9% |
| 5+ Bedrooms | $855K | $350K | -59.1% |
Summary: Duluth housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 19.1%, 3 bedroom homes increased by 6.9%, 4 bedroom homes decreased by 33.9%, and 5+ bedroom homes decreased by 59.1%.
Median Sold Price Compared To Nearby Cities
| Hermantown | $310K | $406K | +31.0% |
| Proctor | $300.5K | $335K | +11.5% |
| Duluth | $316.5K | $292K | -7.7% |
Housing Supply in Duluth, MN
How many homes are available in Duluth, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 244 | 297 | +21.7% |
Summary: The Duluth real estate market had 297 homes for sale in April 2024, a 21.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 6 | +20.0% |
| 2 Bedrooms | 54 | 72 | +33.3% |
| 3 Bedrooms | 116 | 120 | +3.4% |
| 4 Bedrooms | 51 | 70 | +37.3% |
| 5+ Bedrooms | 18 | 29 | +61.1% |
Summary: The Duluth housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 37.3%, and 5+ bedroom homes increased by 61.1%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 65 | 96 | +47.7% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
51 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Duluth, you could pay more than the asking price. 56% of homes here sold above asking price last month.
Summary: A total of 96 homes were sold or pending in Duluth in April 2024, up by 47.7% month-over-month. Of the 91 sold homes, 29% were sold under asking, 15% were sold at asking, and 56% were sold over asking.
Days on Market for Duluth, MN
How long does it take to sell a home in Duluth, MN?
Average Sale Time
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 Days | 19 Days | +2.5% |
Summary: Homes in Duluth had an average of 19 days on market in Apr 2024, up by 2.5% compared to last month.
Breakdown of Home Sale Times
80 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Duluth are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 96 homes were sold in Duluth; 83% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.