Is Mille Lacs County, 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, Mille Lacs County was a Seller's Market.
Key Takeaway
Mille Lacs County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Mille Lacs County, MN
How much do homes in Mille Lacs County, MN cost?
Median Sold Price
$292,500
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Mille Lacs County have sold for 7.1% less than they did a year ago.
Summary: The median home sold price in Mille Lacs County was $292,500 in March 2024, down 7.1% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $101K | $119.9K | +18.7% |
| 2 Bedrooms | $259.9K | $249K | -4.2% |
| 3 Bedrooms | $316.3K | $300K | -5.2% |
| 4 Bedrooms | $382.5K | $335K | -12.4% |
| 5+ Bedrooms | $458K | $425K | -7.2% |
Summary: Mille Lacs County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.7%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes decreased by 5.2%, 4 bedroom homes decreased by 12.4%, and 5+ bedroom homes decreased by 7.2%.
Median Sold Price Compared To Nearby Counties
| Morrison County | $237.9K | $249.9K | +5.1% |
| Kanabec County | $250K | $255.3K | +2.1% |
| Isanti County | $312K | $315.9K | +1.2% |
| Sherburne County | $359.9K | $360.2K | 0.1% |
| Mille Lacs County | $315K | $292.5K | -7.1% |
Housing Supply in Mille Lacs County, MN
How many homes are available in Mille Lacs County, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 99 | 101 | +2.0% |
Summary: The Mille Lacs County real estate market had 101 homes for sale in March 2024, a 2.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 19 | 16 | -15.8% |
| 3 Bedrooms | 55 | 57 | +3.6% |
| 4 Bedrooms | 16 | 19 | +18.8% |
| 5+ Bedrooms | 7 | 7 | 0.0% |
Summary: The Mille Lacs County 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 15.8%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 26 | 15 | -42.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mille Lacs County, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Mille Lacs County in March 2024, down by 42.3% month-over-month. Of the 15 sold homes, 27% were sold under asking, 27% were sold at asking, and 47% were sold over asking.
Days on Market for Mille Lacs County, MN
How long does it take to sell a home in Mille Lacs County, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 59 Days | 27 Days | -53.0% |
Summary: Homes in Mille Lacs County had an average of 27 days on market in Mar 2024, down by 53% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Mille Lacs County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 15 homes were sold in Mille Lacs County; 73% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
