Is Duluth, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Duluth has remained a Seller's Market.
Key Takeaway
Duluth is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Duluth, MN
How much do homes in Duluth, MN cost?
Median Sold Price
$305,000
$172/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Duluth have sold for 38.1% more than they did a month ago.
Summary: The median home sold price in Duluth was $305,000 in March 2024, up 38.1% from last month, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $177.4K | $251.5K | +41.7% |
| 3 Bedrooms | $242.7K | $273.2K | +12.6% |
| 4 Bedrooms | $297.5K | $550K | +84.9% |
| 5+ Bedrooms | $225.5K | $855K | +279.2% |
Summary: Duluth housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 41.7%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 84.9%, and 5+ bedroom homes increased by 279.2%.
Median Sold Price Compared To Nearby Cities
| Duluth | $220.9K | $305K | +38.1% |
| Hermantown | $280K | $310K | +10.7% |
| Superior | $209K | $201.5K | -3.6% |
| Proctor | $317K | $300.5K | -5.2% |
Housing Supply in Duluth, MN
How many homes are available in Duluth, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 200 | 226 | +13.0% |
Summary: The Duluth real estate market had 226 homes for sale in March 2024, a 13.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 5 | +150.0% |
| 2 Bedrooms | 51 | 48 | -5.9% |
| 3 Bedrooms | 95 | 105 | +10.5% |
| 4 Bedrooms | 39 | 49 | +25.6% |
| 5+ Bedrooms | 13 | 19 | +46.2% |
Summary: The Duluth housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes decreased by 5.9%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 25.6%, and 5+ bedroom homes increased by 46.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 57 | 67 | +17.5% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Duluth, you may be able to get a good deal. 39.7% of homes here sold below asking price last month.
Summary: A total of 67 homes were sold or pending in Duluth in March 2024, up by 17.5% month-over-month. Of the 63 sold homes, 40% were sold under asking, 21% were sold at asking, and 40% were sold over asking.
Days on Market for Duluth, MN
How long does it take to sell a home in Duluth, MN?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 39 Days | 18 Days | -52.2% |
Summary: Homes in Duluth had an average of 18 days on market in Mar 2024, down by 52.2% compared to last month.
Breakdown of Home Sale Times
56 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Duluth are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 67 homes were sold in Duluth; 84% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.