Is Loretto, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Loretto was a Seller's Market.
Key Takeaway
Loretto is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Loretto, MN
How much do homes in Loretto, MN cost?
Median Sold Price
$620,000
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Loretto have sold for 14.4% more than they did a year ago.
Summary: The median home sold price in Loretto was $620,000 in March 2024, up 14.4% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $267.4K | - | N/A |
| 3 Bedrooms | $355K | $352K | -0.8% |
| 4 Bedrooms | $542K | $660K | +21.8% |
| 5+ Bedrooms | $925K | $875K | -5.4% |
Summary: Loretto 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 did not change, 3 bedroom homes decreased by 0.8%, 4 bedroom homes increased by 21.8%, and 5+ bedroom homes decreased by 5.4%.
Housing Supply in Loretto, MN
How many homes are available in Loretto, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 10 | +42.9% |
Summary: The Loretto real estate market had 10 homes for sale in March 2024, a 42.9% 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 | 1 | 1 | 0.0% |
| 3 Bedrooms | 2 | 3 | +50.0% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Loretto 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 50%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 1 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Loretto, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Loretto in March 2024, the same as the previous month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Loretto, MN
How long does it take to sell a home in Loretto, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 66 Days | 107 Days | +60.9% |
Summary: Homes in Loretto had an average of 107 days on market in Mar 2024, up by 60.9% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Loretto are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 1 homes were sold in Loretto; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
