Is Detroit Lakes, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Detroit Lakes was a Seller's Market.
Key Takeaway
Detroit Lakes is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Detroit Lakes, MN
How much do homes in Detroit Lakes, MN cost?
Median Sold Price
$327,000
$178/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
The sold price of homes in Detroit Lakes has remained the same since last year.
Summary: The median home sold price in Detroit Lakes was $327,000 in March 2024, down 0.3% from last year, and the median price per square foot was $178.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135.5K | $238K | +75.6% |
| 2 Bedrooms | $265K | $200K | -24.5% |
| 3 Bedrooms | $342.4K | $365K | +6.6% |
| 4 Bedrooms | $351K | $389K | +10.8% |
| 5+ Bedrooms | $549K | $546.5K | -0.5% |
Summary: Detroit Lakes housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 75.6%, 2 bedroom homes decreased by 24.5%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes decreased by 0.5%.
Housing Supply in Detroit Lakes, MN
How many homes are available in Detroit Lakes, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 88 | 118 | +34.1% |
Summary: The Detroit Lakes real estate market had 118 homes for sale in March 2024, a 34.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 26 | 34 | +30.8% |
| 3 Bedrooms | 24 | 35 | +45.8% |
| 4 Bedrooms | 27 | 34 | +25.9% |
| 5+ Bedrooms | 10 | 14 | +40.0% |
Summary: The Detroit Lakes housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 30.8%, 3 bedroom homes increased by 45.8%, 4 bedroom homes increased by 25.9%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 16 | +14.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Detroit Lakes, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in Detroit Lakes in March 2024, up by 14.3% month-over-month. Of the 16 sold homes, 75% were sold under asking, 19% were sold at asking, and 6% were sold over asking.
Days on Market for Detroit Lakes, MN
How long does it take to sell a home in Detroit Lakes, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 82 Days | 45 Days | -45.0% |
Summary: Homes in Detroit Lakes had an average of 45 days on market in Mar 2024, down by 45% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Detroit Lakes has remained consistent over time.
Summary: During March 2024, 16 homes were sold in Detroit Lakes; 38% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
