Is Duluth, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Duluth has remained a Seller's Market.
Housing Prices in Duluth, MN
How much do homes in Duluth, MN cost?
Median Sold Price
$267,260
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Duluth was $267,260 in February 2024, up 6.9% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $137.4K | $135K | -1.8% |
2 Bedrooms | $207K | $230K | +11.1% |
3 Bedrooms | $251K | $261.6K | +4.2% |
4 Bedrooms | $370K | $360K | -2.7% |
5+ Bedrooms | $538.1K | $395K | -26.6% |
Summary: Duluth housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.8%, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 4.2%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes decreased by 26.6%.
Median Sold Price Compared To Nearby Cities
Duluth | $250K | $267.2K | +6.9% |
Proctor | $215.3K | $215K | -0.1% |
Housing Supply in Duluth, MN
How many homes are available in Duluth, MN?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
180 | 199 | +10.6% |
Summary: The Duluth real estate market had 199 homes for sale in February 2024, a 10.6% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 2 | -50.0% |
2 Bedrooms | 43 | 50 | +16.3% |
3 Bedrooms | 80 | 94 | +17.5% |
4 Bedrooms | 37 | 39 | +5.4% |
5+ Bedrooms | 16 | 14 | -12.5% |
Summary: The Duluth housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 16.3%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
58 | 55 | -5.2% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 55 homes were sold or pending in Duluth in February 2024, down by 5.2% month-over-month. Of the 52 sold homes, 44% were sold under asking, 27% were sold at asking, and 29% 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 2023 | Feb 2024 | CHANGE |
---|---|---|
35 Days | 37 Days | +7.5% |
Summary: Homes in Duluth had an average of 37 days on market in Feb 2024, up by 7.5% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Summary: During February 2024, 55 homes were sold in Duluth; 58% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.