Is Backus, 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, Backus has remained a Seller's Market.
Key Takeaway
Backus is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Backus, MN
How much do homes in Backus, MN cost?
Median Sold Price
$285,000
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Backus have sold for 20.3% more than they did a year ago.
Summary: The median home sold price in Backus was $285,000 in April 2024, up 20.3% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $65K | $55K | -15.4% |
| 2 Bedrooms | $217.7K | $289.9K | +33.1% |
| 3 Bedrooms | $265K | $268K | +1.1% |
| 4 Bedrooms | $402K | $381K | -5.2% |
| 5+ Bedrooms | $237K | $708.5K | +198.9% |
Summary: Backus housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.4%, 2 bedroom homes increased by 33.1%, 3 bedroom homes increased by 1.1%, 4 bedroom homes decreased by 5.2%, and 5+ bedroom homes increased by 198.9%.
Median Sold Price Compared To Nearby Cities
| Backus | $237K | $285K | +20.3% |
| Powers Township | $265K | $292.5K | +10.4% |
Housing Supply in Backus, MN
How many homes are available in Backus, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 16 | -5.9% |
Summary: The Backus real estate market had 16 homes for sale in April 2024, a 5.9% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 4 | 3 | -25.0% |
| 3 Bedrooms | 6 | 5 | -16.7% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Backus housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 4 | -33.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Backus, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Backus in April 2024, down by 33.3% month-over-month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.
Days on Market for Backus, MN
How long does it take to sell a home in Backus, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 59 Days | 57 Days | -3.2% |
Summary: Homes in Backus had an average of 57 days on market in Apr 2024, down by 3.2% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Backus has remained consistent over time.
Summary: During April 2024, 4 homes were sold in Backus; 25% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
