Is Norman County, 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, Norman County has remained a Seller's Market.
Housing Prices in Norman County, MN
How much do homes in Norman County, MN cost?
Median Sold Price
$160,000
$65/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Norman County was $160,000 in May 2024, up 35% from last year, and the median price per square foot was $65.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $38K | $90K | +136.8% |
2 Bedrooms | $105K | $54.9K | -47.7% |
3 Bedrooms | $130K | $167.5K | +28.8% |
4 Bedrooms | $143K | $147.5K | +3.1% |
5+ Bedrooms | $284.9K | $320K | +12.3% |
Summary: Norman County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 136.8%, 2 bedroom homes decreased by 47.7%, 3 bedroom homes increased by 28.8%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 12.3%.
Median Sold Price Compared To Nearby Counties
Norman County | $118.5K | $160K | +35.0% |
Polk County | $146.5K | $182.4K | +24.5% |
Clay County | $251.8K | $257.4K | +2.2% |
Cass County | $304.7K | $305.6K | 0.3% |
Housing Supply in Norman County, MN
How many homes are available in Norman County, MN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
26 | 32 | +23.1% |
Summary: The Norman County real estate market had 32 homes for sale in May 2024, a 23.1% 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 | 3 | 5 | +66.7% |
3 Bedrooms | 11 | 14 | +27.3% |
4 Bedrooms | 9 | 8 | -11.1% |
5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Norman County 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 increased by 66.7%, 3 bedroom homes increased by 27.3%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
1 | 9 | +800.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 9 homes were sold or pending in Norman County in May 2024, up by 800.0% month-over-month. Of the 9 sold homes, 78% were sold under asking, 22% were sold at asking, and 0% were sold over asking.
Days on Market for Norman County, MN
How long does it take to sell a home in Norman County, MN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
81 Days | 18 Days | -77.8% |
Summary: Homes in Norman County had an average of 18 days on market in May 2024, down by 77.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 9 homes were sold in Norman County; 44% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.