Is Park Rapids, 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, Park Rapids has remained a Seller's Market.
Key Takeaway
Park Rapids is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Park Rapids, MN
How much do homes in Park Rapids, MN cost?
Median Sold Price
$290,000
$175/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Park Rapids have sold for 10.1% more than they did a year ago.
Summary: The median home sold price in Park Rapids was $290,000 in March 2024, up 10.1% from last year, and the median price per square foot was $175.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $80K | $234.4K | +193.1% |
| 2 Bedrooms | $242.4K | $203K | -16.3% |
| 3 Bedrooms | $257K | $330K | +28.4% |
| 4 Bedrooms | $317.5K | $350K | +10.2% |
| 5+ Bedrooms | $369K | $375K | +1.6% |
Summary: Park Rapids housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 193.1%, 2 bedroom homes decreased by 16.3%, 3 bedroom homes increased by 28.4%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes increased by 1.6%.
Median Sold Price Compared To Nearby Cities
| Henrietta Township | $260K | $342.4K | +31.7% |
| Park Rapids | $263.5K | $290K | +10.1% |
Housing Supply in Park Rapids, MN
How many homes are available in Park Rapids, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 50 | 64 | +28.0% |
Summary: The Park Rapids real estate market had 64 homes for sale in March 2024, a 28.0% 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 | 11 | 14 | +27.3% |
| 3 Bedrooms | 24 | 32 | +33.3% |
| 4 Bedrooms | 10 | 12 | +20.0% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Park Rapids 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 increased by 27.3%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 12 | +300.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Park Rapids, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Park Rapids in March 2024, up by 300.0% month-over-month. Of the 12 sold homes, 50% were sold under asking, 8% were sold at asking, and 42% were sold over asking.
Days on Market for Park Rapids, MN
How long does it take to sell a home in Park Rapids, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 31 Days | 56 Days | +77.4% |
Summary: Homes in Park Rapids had an average of 56 days on market in Mar 2024, up by 77.4% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Park Rapids are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in Park Rapids; 50% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
