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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Duluth is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Duluth has remained a Seller's Market.

Key Takeaway

Duluth is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Duluth, MN

How much do homes in Duluth, MN cost?

Median Sold Price

$292,000

$187/sqft

Based on all homes sold in April 2024.

Difference Since Last Month

-$24,500(-7.7%)

Key Takeaway

Homes in Duluth have sold for 7.7% less than they did a month ago.

Summary: The median home sold price in Duluth was $292,000 in April 2024, down 7.7% from last month, and the median price per square foot was $187.

Median Sold Price By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 -$339K
N/A
2 $281.5K$227.6K
-19.1%
3 $273.2K$292K
+6.9%
4 $550K$363.5K
-33.9%
5+ $855K$350K
-59.1%

Summary: Duluth housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 19.1%, 3 bedroom homes increased by 6.9%, 4 bedroom homes decreased by 33.9%, and 5+ bedroom homes decreased by 59.1%.

Median Sold Price Compared To Nearby Cities

Hermantown
+31.0%
Proctor
+11.5%
Duluth
-7.7%

Housing Supply in Duluth, MN

How many homes are available in Duluth, MN?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
244297+21.7%

Summary: The Duluth real estate market had 297 homes for sale in April 2024, a 21.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 56
+20.0%
2 5472
+33.3%
3 116120
+3.4%
4 5170
+37.3%
5+ 1829
+61.1%

Summary: The Duluth housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 37.3%, and 5+ bedroom homes increased by 61.1%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
6596+47.7%

Asking Price vs. Sold Price

26 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

51 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Duluth, you could pay more than the asking price. 56% of homes here sold above asking price last month.

Summary: A total of 96 homes were sold or pending in Duluth in April 2024, up by 47.7% month-over-month. Of the 91 sold homes, 29% were sold under asking, 15% were sold at asking, and 56% were sold over asking.

Days on Market for Duluth, MN

How long does it take to sell a home in Duluth, MN?

Average Sale Time

Mar 2024Apr 2024CHANGE
18 Days19 Days+2.5%

Summary: Homes in Duluth had an average of 19 days on market in Apr 2024, up by 2.5% compared to last month.

Breakdown of Home Sale Times

80 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 96 homes were sold in Duluth; 83% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 6% 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 3 Days Ago

Newest Listings in Duluth, MN

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