Is Hugo, 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, Hugo has remained a Seller's Market.
Key Takeaway
Hugo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hugo, MN
How much do homes in Hugo, MN cost?
Median Sold Price
$450,000
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Hugo have sold for 4% more than they did a year ago.
Summary: The median home sold price in Hugo was $450,000 in March 2024, up 4% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $275K | $280.5K | +2.0% |
| 3 Bedrooms | $362.5K | $386.5K | +6.6% |
| 4 Bedrooms | $567.5K | $519.9K | -8.4% |
| 5+ Bedrooms | $611.2K | $608.7K | -0.4% |
Summary: Hugo housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 6.6%, 4 bedroom homes decreased by 8.4%, and 5+ bedroom homes decreased by 0.4%.
Median Sold Price Compared To Nearby Cities
| Hugo | $432.8K | $450K | +4.0% |
| Forest Lake | $385K | $371.5K | -3.5% |
| Forest Lake | $398.2K | $380K | -4.6% |
| Grant | $700K | $620K | -11.4% |
Housing Supply in Hugo, MN
How many homes are available in Hugo, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 173 | 182 | +5.2% |
Summary: The Hugo real estate market had 182 homes for sale in March 2024, a 5.2% 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 | 46 | 44 | -4.3% |
| 3 Bedrooms | 63 | 58 | -7.9% |
| 4 Bedrooms | 38 | 49 | +28.9% |
| 5+ Bedrooms | 26 | 31 | +19.2% |
Summary: The Hugo 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 decreased by 4.3%, 3 bedroom homes decreased by 7.9%, 4 bedroom homes increased by 28.9%, and 5+ bedroom homes increased by 19.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 40 | 35 | -12.5% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hugo, expect to pay close to the asking price. 45.7% of homes here sold near the asking price last month.
Summary: A total of 35 homes were sold or pending in Hugo in March 2024, down by 12.5% month-over-month. Of the 35 sold homes, 34% were sold under asking, 46% were sold at asking, and 20% were sold over asking.
Days on Market for Hugo, MN
How long does it take to sell a home in Hugo, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 42 Days | 31 Days | -27.5% |
Summary: Homes in Hugo had an average of 31 days on market in Mar 2024, down by 27.5% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hugo are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 35 homes were sold in Hugo; 63% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
