Is Bemidji, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, Bemidji has remained a Seller's Market.
Key Takeaway
Bemidji is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices
How much do homes in Bemidji, MN cost?
Median Sold Price
$239,900
$142/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Bemidji have sold for 9% more than they did a year ago.
Summary: The median home sold price in Bemidji was $239,900 in August 2023, up 9% from last year, and the median price per square foot was $142.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75K | $156K | +108.0% |
| 2 Bedrooms | $164.5K | $206.4K | +25.5% |
| 3 Bedrooms | $220K | $239K | +8.6% |
| 4 Bedrooms | $265.9K | $309K | +16.2% |
| 5+ Bedrooms | $285K | $337.5K | +18.4% |
Summary: Bemidji housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 108%, 2 bedroom homes increased by 25.5%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 16.2%, and 5+ bedroom homes increased by 18.4%.
Median Sold Price Compared To Nearby Cities
| Frohn Township | $285K | $394.4K | +38.4% |
| Northern Township | $280K | $316K | +12.9% |
| Bemidji | $220K | $239.9K | +9.0% |
| Bemidji Township | $252.5K | $257.4K | +2.0% |
| Eckles Township | $299.5K | $290K | -3.2% |
Housing Supply
How many homes are available in Bemidji, MN?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 197 | 220 | +11.7% |
Summary: The Bemidji real estate market had 220 homes for sale in August 2023, a 11.7% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 3 | -40.0% |
| 2 Bedrooms | 38 | 46 | +21.1% |
| 3 Bedrooms | 93 | 107 | +15.1% |
| 4 Bedrooms | 44 | 47 | +6.8% |
| 5+ Bedrooms | 17 | 17 | 0.0% |
Summary: The Bemidji housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes increased by 21.1%, 3 bedroom homes increased by 15.1%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 42 | 48 | +14.3% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bemidji, you may be able to get a good deal. 48.9% of homes here sold below asking price last month.
Summary: A total of 48 homes were sold or pending in Bemidji in August 2023, up by 14.3% month-over-month. Of the 47 sold homes, 49% were sold under asking, 17% were sold at asking, and 34% were sold over asking.
Days on Market
How long does it take to sell a home in Bemidji, MN?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 16 Days | 31 Days | +96.1% |
Summary: Homes in Bemidji had an average of 31 days on market in Aug 2023, up by 96.1% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bemidji are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 48 homes were sold in Bemidji; 65% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Listings courtesy of NorthStar of Minnesota / Regional Multiple Listing Service of Minnesota Inc. as distributed by MLS GRID.