Is Hugo, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Hugo has remained a Seller's Market.
Key Takeaway
Hugo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hugo, MN
How much do homes in Hugo, MN cost?
Median Sold Price
$443,253
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Hugo have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in Hugo was $443,253 in April 2024, up 2.2% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $275K | $280.5K | +2.0% |
| 3 Bedrooms | $367K | $385.7K | +5.1% |
| 4 Bedrooms | $547.5K | $520K | -5.0% |
| 5+ Bedrooms | $610.2K | $637.5K | +4.5% |
Summary: Hugo housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 5.1%, 4 bedroom homes decreased by 5%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Cities
| Hugo | $433.6K | $443.2K | +2.2% |
| Forest Lake | $380K | $379.9K | 0% |
| Forest Lake | $390.4K | $384K | -1.6% |
Housing Supply in Hugo, MN
How many homes are available in Hugo, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 167 | 181 | +8.4% |
Summary: The Hugo real estate market had 181 homes for sale in April 2024, a 8.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 40 | 47 | +17.5% |
| 3 Bedrooms | 51 | 51 | 0.0% |
| 4 Bedrooms | 47 | 48 | +2.1% |
| 5+ Bedrooms | 29 | 35 | +20.7% |
Summary: The Hugo housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 17.5%, 3 bedroom homes remained the same, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 20.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 36 | 44 | +22.2% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hugo, expect to pay close to the asking price. 40.9% of homes here sold near the asking price last month.
Summary: A total of 44 homes were sold or pending in Hugo in April 2024, up by 22.2% month-over-month. Of the 44 sold homes, 39% were sold under asking, 41% were sold at asking, and 20% were sold over asking.
Days on Market for Hugo, MN
How long does it take to sell a home in Hugo, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 35 Days | 28 Days | -19.4% |
Summary: Homes in Hugo had an average of 28 days on market in Apr 2024, down by 19.4% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hugo are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 44 homes were sold in Hugo; 73% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
