Is Hermantown, 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, Hermantown has remained a Seller's Market.
Key Takeaway
Hermantown is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hermantown, MN
How much do homes in Hermantown, MN cost?
Median Sold Price
$310,000
$197/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Hermantown have sold for 10.7% more than they did a month ago.
Summary: The median home sold price in Hermantown was $310,000 in March 2024, up 10.7% from last month, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $245K | $310K | +26.5% |
| 3 Bedrooms | $436K | $270K | -38.1% |
| 4 Bedrooms | - | $555K | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Hermantown 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 26.5%, 3 bedroom homes decreased by 38.1%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Duluth | $220.9K | $305K | +38.1% |
| Hermantown | $280K | $310K | +10.7% |
| Proctor | $317K | $300.5K | -5.2% |
Housing Supply in Hermantown, MN
How many homes are available in Hermantown, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 17 | +13.3% |
Summary: The Hermantown real estate market had 17 homes for sale in March 2024, a 13.3% 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 | 3 | 3 | 0.0% |
| 3 Bedrooms | 7 | 8 | +14.3% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Hermantown 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 remained the same, 3 bedroom homes increased by 14.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 5 | +25.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hermantown, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Hermantown in March 2024, up by 25.0% month-over-month. Of the 5 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Hermantown, MN
How long does it take to sell a home in Hermantown, MN?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 Days | 56 Days | +414.5% |
Summary: Homes in Hermantown had an average of 56 days on market in Mar 2024, up by 414.5% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Hermantown has remained consistent over time.
Summary: During March 2024, 5 homes were sold in Hermantown; 20% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
