Is Fergus Falls, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Fergus Falls has remained a Seller's Market.
Key Takeaway
Fergus Falls is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Fergus Falls, MN
How much do homes in Fergus Falls, MN cost?
Median Sold Price
$213,200
$122/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Fergus Falls have sold for 7.4% more than they did a year ago.
Summary: The median home sold price in Fergus Falls was $213,200 in March 2024, up 7.4% from last year, and the median price per square foot was $122.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $47.5K | $93.2K | +96.3% |
| 2 Bedrooms | $160K | $180K | +12.5% |
| 3 Bedrooms | $180.2K | $204.9K | +13.7% |
| 4 Bedrooms | $257.5K | $251K | -2.5% |
| 5+ Bedrooms | $269.5K | $254.9K | -5.4% |
Summary: Fergus Falls housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 96.3%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 13.7%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes decreased by 5.4%.
Median Sold Price Compared To Nearby Cities
| Fergus Falls | $198.4K | $213.2K | +7.4% |
| Fergus Falls Township | $200K | $213.2K | +6.6% |
Housing Supply in Fergus Falls, MN
How many homes are available in Fergus Falls, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 60 | 71 | +18.3% |
Summary: The Fergus Falls real estate market had 71 homes for sale in March 2024, a 18.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 10 | 22 | +120.0% |
| 3 Bedrooms | 22 | 22 | 0.0% |
| 4 Bedrooms | 21 | 19 | -9.5% |
| 5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Fergus Falls 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 120%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 9.5%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 14 | +16.7% |
Asking Price vs. Sold Price
10 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 Fergus Falls, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in Fergus Falls in March 2024, up by 16.7% month-over-month. Of the 14 sold homes, 71% were sold under asking, 21% were sold at asking, and 7% were sold over asking.
Days on Market for Fergus Falls, MN
How long does it take to sell a home in Fergus Falls, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 63 Days | 58 Days | -7.9% |
Summary: Homes in Fergus Falls had an average of 58 days on market in Mar 2024, down by 7.9% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Fergus Falls are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 14 homes were sold in Fergus Falls; 36% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
