Is Pequot Lakes, 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, Pequot Lakes was a Neutral Market.
Key Takeaway
Pequot Lakes is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Pequot Lakes, MN
How much do homes in Pequot Lakes, MN cost?
Median Sold Price
$400,500
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
The sold price of homes in Pequot Lakes has remained the same since last year.
Summary: The median home sold price in Pequot Lakes was $400,500 in March 2024, up 0.3% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $177.5K | $240K | +35.2% |
| 2 Bedrooms | $263.7K | $300K | +13.7% |
| 3 Bedrooms | $440K | $391K | -11.1% |
| 4 Bedrooms | $446.5K | $457.5K | +2.5% |
| 5+ Bedrooms | $560K | $615K | +9.8% |
Summary: Pequot Lakes housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 35.2%, 2 bedroom homes increased by 13.7%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes increased by 9.8%.
Median Sold Price Compared To Nearby Cities
| Pequot Lakes | $404.9K | $409K | +1.0% |
| Pequot Lakes | $399.4K | $400.5K | 0.3% |
Housing Supply in Pequot Lakes, MN
How many homes are available in Pequot Lakes, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 74 | +13.8% |
Summary: The Pequot Lakes real estate market had 74 homes for sale in March 2024, a 13.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 6 | 10 | +66.7% |
| 3 Bedrooms | 27 | 30 | +11.1% |
| 4 Bedrooms | 22 | 23 | +4.5% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The Pequot Lakes housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 10 | +42.9% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pequot Lakes, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Pequot Lakes in March 2024, up by 42.9% month-over-month. Of the 10 sold homes, 60% were sold under asking, 10% were sold at asking, and 30% were sold over asking.
Days on Market for Pequot Lakes, MN
How long does it take to sell a home in Pequot Lakes, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 98 Days | 56 Days | -42.5% |
Summary: Homes in Pequot Lakes had an average of 56 days on market in Mar 2024, down by 42.5% 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
Key Takeaway
Many homes in Pequot Lakes are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 10 homes were sold in Pequot Lakes; 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.
