Is Pequot Lakes, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Pequot Lakes was a Seller's Market.
Key Takeaway
Pequot Lakes is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Pequot Lakes, MN
How much do homes in Pequot Lakes, MN cost?
Median Sold Price
$395,000
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Pequot Lakes have sold for 7.4% less than they did a year ago.
Summary: The median home sold price in Pequot Lakes was $395,000 in April 2024, down 7.4% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $206.2K | $235K | +13.9% |
| 2 Bedrooms | $253K | $308.7K | +22.0% |
| 3 Bedrooms | $443K | $385K | -13.1% |
| 4 Bedrooms | $448K | $478K | +6.7% |
| 5+ Bedrooms | $615K | $566K | -8.0% |
Summary: Pequot Lakes housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.9%, 2 bedroom homes increased by 22%, 3 bedroom homes decreased by 13.1%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes decreased by 8%.
Median Sold Price Compared To Nearby Cities
| Nisswa | $607.5K | $582K | -4.2% |
| Pequot Lakes | $426.5K | $395K | -7.4% |
| Pequot Lakes | $420K | $386K | -8.1% |
Housing Supply in Pequot Lakes, MN
How many homes are available in Pequot Lakes, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 73 | 86 | +17.8% |
Summary: The Pequot Lakes real estate market had 86 homes for sale in April 2024, a 17.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 10 | 13 | +30.0% |
| 3 Bedrooms | 29 | 37 | +27.6% |
| 4 Bedrooms | 23 | 24 | +4.3% |
| 5+ Bedrooms | 7 | 7 | 0.0% |
Summary: The Pequot Lakes housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 30%, 3 bedroom homes increased by 27.6%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 13 | +18.2% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pequot Lakes, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Pequot Lakes in April 2024, up by 18.2% month-over-month. Of the 13 sold homes, 54% were sold under asking, 31% were sold at asking, and 15% were sold over asking.
Days on Market for Pequot Lakes, MN
How long does it take to sell a home in Pequot Lakes, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 67 Days | 29 Days | -56.4% |
Summary: Homes in Pequot Lakes had an average of 29 days on market in Apr 2024, down by 56.4% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Pequot Lakes are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 13 homes were sold in Pequot Lakes; 62% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
