Is Silver Bay, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Silver Bay has remained a Seller's Market.
Key Takeaway
Silver Bay is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Silver Bay, MN
How much do homes in Silver Bay, MN cost?
Median Sold Price
$159,900
$111/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Silver Bay have sold for 81.3% less than they did a month ago.
Summary: The median home sold price in Silver Bay was $159,900 in March 2024, down 81.3% from last month, and the median price per square foot was $111.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $551.5K | $177K | -67.9% |
| 3 Bedrooms | $855K | $500K | -41.5% |
| 4 Bedrooms | - | $159.9K | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Silver Bay housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 67.9%, 3 bedroom homes decreased by 41.5%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in Silver Bay, MN
How many homes are available in Silver Bay, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 13 | -7.1% |
Summary: The Silver Bay real estate market had 13 homes for sale in March 2024, a 7.1% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 4 | -33.3% |
| 3 Bedrooms | 6 | 6 | 0.0% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Silver Bay 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 decreased by 33.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 5 | +66.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Silver Bay, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Silver Bay in March 2024, up by 66.7% month-over-month. Of the 5 sold homes, 60% were sold under asking, 40% were sold at asking, and 0% were sold over asking.
Days on Market for Silver Bay, MN
How long does it take to sell a home in Silver Bay, MN?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 30 Days | 83 Days | +173.6% |
Summary: Homes in Silver Bay had an average of 83 days on market in Mar 2024, up by 173.6% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Silver Bay are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 5 homes were sold in Silver Bay; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
