Is Deer Lake, 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, Deer Lake was a Seller's Market.
Key Takeaway
Deer Lake 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 Deer Lake, MN
How much do homes in Deer Lake, MN cost?
Median Sold Price
$352,500
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Deer Lake have sold for 9% less than they did a year ago.
Summary: The median home sold price in Deer Lake was $352,500 in April 2024, down 9% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $167.5K | $277.5K | +65.7% |
| 2 Bedrooms | $277.6K | $295K | +6.3% |
| 3 Bedrooms | $375K | $330K | -12.0% |
| 4 Bedrooms | $550K | $441.5K | -19.7% |
| 5+ Bedrooms | $749K | $895K | +19.5% |
Summary: Deer Lake housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 65.7%, 2 bedroom homes increased by 6.3%, 3 bedroom homes decreased by 12%, 4 bedroom homes decreased by 19.7%, and 5+ bedroom homes increased by 19.5%.
Median Sold Price Compared To Nearby Cities
| Deer River Township | $240K | $287.5K | +19.8% |
| Cohasset | $305K | $287.5K | -5.7% |
| Deer Lake | $387.5K | $352.5K | -9.0% |
Housing Supply in Deer Lake, MN
How many homes are available in Deer Lake, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 16 | 18 | +12.5% |
Summary: The Deer Lake real estate market had 18 homes for sale in April 2024, a 12.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 12 | 15 | +25.0% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Deer Lake housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 3 | +50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Deer Lake, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Deer Lake in April 2024, up by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Deer Lake, MN
How long does it take to sell a home in Deer Lake, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 45 Days | 46 Days | +3.0% |
Summary: Homes in Deer Lake had an average of 46 days on market in Apr 2024, up by 3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Deer Lake has remained consistent over time.
Summary: During April 2024, 3 homes were sold in Deer Lake; 33% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
