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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hermantown is a 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

+$30,000(+10.7%)

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

# BEDSFeb 2024Mar 2024CHANGE
1 --
N/A
2 $245K$310K
+26.5%
3 $436K$270K
-38.1%
4 -$555K
N/A
5+ --
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
+38.1%
Hermantown
+10.7%
Proctor
-5.2%

Housing Supply in Hermantown, MN

How many homes are available in Hermantown, MN?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1517+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

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 33
0.0%
3 78
+14.3%
4 44
0.0%
5+ 12
+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 2024Mar 2024CHANGE
45+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

Asking vs Sold - buyer

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 2024Mar 2024CHANGE
11 Days56 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

Breakdown of Home Sale Times

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.

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

Report Updated 12 Days Ago

Newest Listings in Hermantown, MN

Nearby Markets to Hermantown, MN

What housing markets are near Hermantown, MN?