Is Orono, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Orono has remained a Seller's Market.
Key Takeaway
Orono is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Orono, MN
How much do homes in Orono, MN cost?
Median Sold Price
$900,000
$278/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Orono have sold for 19.1% less than they did a year ago.
Summary: The median home sold price in Orono was $900,000 in April 2024, down 19.1% from last year, and the median price per square foot was $278.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $107K | -61.1% |
| 2 Bedrooms | $390.6K | $286.5K | -26.7% |
| 3 Bedrooms | $500K | $545K | +9.0% |
| 4 Bedrooms | $1.6M | $1.5M | -5.8% |
| 5+ Bedrooms | $1.3M | $1.9M | +44.3% |
Summary: Orono housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 61.1%, 2 bedroom homes decreased by 26.7%, 3 bedroom homes increased by 9%, 4 bedroom homes decreased by 5.8%, and 5+ bedroom homes increased by 44.3%.
Median Sold Price Compared To Nearby Cities
| Shorewood | $701.5K | $729.6K | +4.0% |
| Long Lake | $680K | $575K | -15.4% |
| Orono | $1.1M | $900K | -19.1% |
| Spring Park | $775K | $449.9K | -41.9% |
Housing Supply in Orono, MN
How many homes are available in Orono, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 68 | 78 | +14.7% |
Summary: The Orono real estate market had 78 homes for sale in April 2024, a 14.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 6 | 7 | +16.7% |
| 3 Bedrooms | 20 | 25 | +25.0% |
| 4 Bedrooms | 17 | 19 | +11.8% |
| 5+ Bedrooms | 24 | 26 | +8.3% |
Summary: The Orono housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 15 | +36.4% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Orono, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in Orono in April 2024, up by 36.4% month-over-month. Of the 15 sold homes, 53% were sold under asking, 13% were sold at asking, and 33% were sold over asking.
Days on Market for Orono, MN
How long does it take to sell a home in Orono, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 37 Days | 23 Days | -36.4% |
Summary: Homes in Orono had an average of 23 days on market in Apr 2024, down by 36.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Orono are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 15 homes were sold in Orono; 73% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
