Is Hamel, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Hamel has remained a Seller's Market.
Key Takeaway
Hamel is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hamel, MN
How much do homes in Hamel, MN cost?
Median Sold Price
$681,945
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hamel have sold for 4.9% more than they did a year ago.
Summary: The median home sold price in Hamel was $681,945 in May 2024, up 4.9% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $429.9K | $365.9K | -14.9% |
| 3 Bedrooms | $482K | $476.9K | -1.0% |
| 4 Bedrooms | $674.2K | $707.9K | +5.0% |
| 5+ Bedrooms | $859.9K | $865K | +0.6% |
Summary: Hamel housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 14.9%, 3 bedroom homes decreased by 1%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 0.6%.
Median Sold Price Compared To Nearby Cities
| Loretto | $520K | $630K | +21.2% |
| Hamel | $649.9K | $681.9K | +4.9% |
| Maple Grove | $399.3K | $403.4K | +1.0% |
| Medina | $811K | $810K | -0.1% |
| Corcoran | $565.4K | $551.9K | -2.4% |
Housing Supply in Hamel, MN
How many homes are available in Hamel, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 163 | 185 | +13.5% |
Summary: The Hamel real estate market had 185 homes for sale in May 2024, a 13.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 12 | 11 | -8.3% |
| 3 Bedrooms | 56 | 60 | +7.1% |
| 4 Bedrooms | 49 | 60 | +22.4% |
| 5+ Bedrooms | 46 | 54 | +17.4% |
Summary: The Hamel 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 8.3%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 22.4%, and 5+ bedroom homes increased by 17.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 31 | +106.7% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hamel, expect to pay close to the asking price. 41.9% of homes here sold near the asking price last month.
Summary: A total of 31 homes were sold or pending in Hamel in May 2024, up by 106.7% month-over-month. Of the 31 sold homes, 39% were sold under asking, 42% were sold at asking, and 19% were sold over asking.
Days on Market for Hamel, MN
How long does it take to sell a home in Hamel, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 41 Days | 34 Days | -15.6% |
Summary: Homes in Hamel had an average of 34 days on market in May 2024, down by 15.6% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hamel are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 31 homes were sold in Hamel; 68% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
