Is Orono, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Orono is a buyer's market

Buyer's
Market

Difference Since September 2023

At the same time last year, Orono was a Seller's Market.

Key Takeaway

Orono is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Orono, MN

How much do homes in Orono, MN cost?

Median Sold Price

$994,500

$281/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

-$80,500(-7.5%)

Key Takeaway

Homes in Orono have sold for 7.5% less than they did a year ago.

Summary: The median home sold price in Orono was $994,500 in September 2024, down 7.5% from last year, and the median price per square foot was $281.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $174.2K$720K
+313.2%
2 $380K$327.5K
-13.8%
3 $515K$650K
+26.2%
4 $1.6M$1.5M
-7.9%
5+ $1.8M$1.8M
0.3%

Summary: Orono housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 313.2%, 2 bedroom homes decreased by 13.8%, 3 bedroom homes increased by 26.2%, 4 bedroom homes decreased by 7.9%, and 5+ bedroom homes increased by 0.3%.

Median Sold Price Compared To Nearby Cities

Long Lake
+33.4%
Spring Park
+2.6%
Orono
-7.5%
Shorewood
-13.5%

Housing Supply in Orono, MN

How many homes are available in Orono, MN?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
7690+18.4%

Summary: The Orono real estate market had 90 homes for sale in September 2024, a 18.4% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 34
+33.3%
3 1624
+50.0%
4 2728
+3.7%
5+ 3034
+13.3%

Summary: The Orono housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 13.3%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
1210-16.7%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Orono, you may be able to get a good deal. 70% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in Orono in September 2024, down by 16.7% month-over-month. Of the 10 sold homes, 70% were sold under asking, 30% were sold at asking, and 0% 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

Sep 2023Sep 2024CHANGE
41 Days61 Days+46.3%

Summary: Homes in Orono had an average of 61 days on market in Sep 2024, up by 46.3% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Orono are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 10 homes were sold in Orono; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 8 Days Ago

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