Is Northfield, 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, Northfield has remained a Seller's Market.
Key Takeaway
Northfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northfield, MN
How much do homes in Northfield, MN cost?
Median Sold Price
$350,000
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Northfield have sold for 2.9% more than they did a year ago.
Summary: The median home sold price in Northfield was $350,000 in March 2024, up 2.9% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135.7K | $232.5K | +71.3% |
| 2 Bedrooms | $271.9K | $246.4K | -9.4% |
| 3 Bedrooms | $302.5K | $334.9K | +10.7% |
| 4 Bedrooms | $400K | $399.9K | 0% |
| 5+ Bedrooms | $392.2K | $456.5K | +16.4% |
Summary: Northfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 71.3%, 2 bedroom homes decreased by 9.4%, 3 bedroom homes increased by 10.7%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 16.4%.
Median Sold Price Compared To Nearby Cities
| Dundas | $350K | $433K | +23.7% |
| Northfield | $340K | $350K | +2.9% |
| Northfield Township | $340K | $350K | +2.9% |
Housing Supply in Northfield, MN
How many homes are available in Northfield, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 61 | 66 | +8.2% |
Summary: The Northfield real estate market had 66 homes for sale in March 2024, a 8.2% 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 | 15 | 15 | 0.0% |
| 3 Bedrooms | 21 | 18 | -14.3% |
| 4 Bedrooms | 13 | 18 | +38.5% |
| 5+ Bedrooms | 10 | 13 | +30.0% |
Summary: The Northfield 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 decreased by 14.3%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 30%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 16 | +77.8% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northfield, you may be able to get a good deal. 56.3% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in Northfield in March 2024, up by 77.8% month-over-month. Of the 16 sold homes, 56% were sold under asking, 25% were sold at asking, and 19% were sold over asking.
Days on Market for Northfield, MN
How long does it take to sell a home in Northfield, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 42 Days | 27 Days | -34.0% |
Summary: Homes in Northfield had an average of 27 days on market in Mar 2024, down by 34% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northfield are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 16 homes were sold in Northfield; 69% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
