Is Hermantown, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
At the same time last year, Hermantown was a Seller's Market.
Key Takeaway
Hermantown is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Hermantown, MN
How much do homes in Hermantown, MN cost?
Median Sold Price
$387,000
$252/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Hermantown have sold for 25.6% less than they did a year ago.
Summary: The median home sold price in Hermantown was $387,000 in June 2024, down 25.6% from last year, and the median price per square foot was $252.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $240.5K | $340K | +41.4% |
| 3 Bedrooms | $422.5K | $387K | -8.4% |
| 4 Bedrooms | $505K | $537.5K | +6.4% |
| 5+ Bedrooms | $560K | - | N/A |
Summary: Hermantown housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 41.4%, 3 bedroom homes decreased by 8.4%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Duluth | $259.9K | $305K | +17.3% |
| Hermantown | $520K | $387K | -25.6% |
Housing Supply in Hermantown, MN
How many homes are available in Hermantown, MN?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 13 | 20 | +53.8% |
Summary: The Hermantown real estate market had 20 homes for sale in June 2024, a 53.8% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 5 | 8 | +60.0% |
| 4 Bedrooms | 6 | 8 | +33.3% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Hermantown housing inventory by bedroom type for June 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 60%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 0 | 2 | +100.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Hermantown, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 2 homes were sold or pending in Hermantown in June 2024, up by 100.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 35 Days | 14 Days | -58.6% |
Summary: Homes in Hermantown had an average of 14 days on market in Jun 2024, down by 58.6% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hermantown are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 2 homes were sold in Hermantown; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
