Is Fairmont, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Fairmont is a seller's market

Buyer's
Market

Difference Since November 2021

Since last year, Fairmont has remained a Seller's Market.

Key Takeaway

Fairmont is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Fairmont, MN cost?

Median Sold Price

$152,254

$97/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$4,004(+2.7%)

Key Takeaway

Homes in Fairmont have sold for 2.7% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $115K$61.6K
-46.4%
2 $115K$110K
-4.3%
3 $147.3K$160.2K
+8.8%
4 $205K$169.7K
-17.2%
5+ $299.9K$296.4K
-1.2%

How many homes are available in Fairmont, MN?

Number of Homes For Sale

Oct 2022Nov 2022%
3931-20.5%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 11
0.0%
2 119
-18.2%
3 1914
-26.3%
4 43
-25.0%
5+ 44
0.0%

Number of Homes Sold

Oct 2022Nov 2022%
1811-38.9%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Fairmont, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
18 Days29 Days+63.6%

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Fairmont are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Fairmont, MN

Homes for sale in Fairmont, MN have reached 31. The inventory of homes for sale in Fairmont, MN between October 2022 and November 2022 decreased by 20.5%. While the average time on the market in November 2022 was 29 days, the median list price was $152,254. From October 2022 through November 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties went down by 46.4%, the cost of 2 bedrooms properties went down by 4.3%, prices of 3 bedrooms properties increased by 8.8%, 4 bedrooms properties became 17.2% more cheaper, 5 bedrooms properties became 1.2% more cheaper. Volume of homes for sale changed: 1 bedroom homes inventory did not change, number of 2 bedrooms homes decreased by 18.2%, 3 bedrooms homes became 26.3% less available, 4 bedrooms homes became 25% less available, volume of 5 bedrooms homes stayed the same. In November 2022, from all listings sold in Fairmont, MN there were more than 5 sold above asking price, over 5 sold below and more than 1 were sold right at the asked price.