Is Norman County, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Norman County has remained a Seller's Market.
Key Takeaway
Norman County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Norman County, MN
How much do homes in Norman County, MN cost?
Median Sold Price
$160,000
$65/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Norman County have sold for 35% more than they did a year ago.
Summary: The median home sold price in Norman County was $160,000 in May 2024, up 35% from last year, and the median price per square foot was $65.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $38K | $90K | +136.8% |
| 2 Bedrooms | $105K | $54.9K | -47.7% |
| 3 Bedrooms | $130K | $167.5K | +28.8% |
| 4 Bedrooms | $143K | $147.5K | +3.1% |
| 5+ Bedrooms | $284.9K | $320K | +12.3% |
Summary: Norman County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 136.8%, 2 bedroom homes decreased by 47.7%, 3 bedroom homes increased by 28.8%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 12.3%.
Median Sold Price Compared To Nearby Counties
| Norman County | $118.5K | $160K | +35.0% |
| Polk County | $146.5K | $182.4K | +24.5% |
| Clay County | $251.8K | $257.4K | +2.2% |
| Cass County | $304.7K | $305.6K | 0.3% |
Housing Supply in Norman County, MN
How many homes are available in Norman County, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 32 | +23.1% |
Summary: The Norman County real estate market had 32 homes for sale in May 2024, a 23.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 5 | +66.7% |
| 3 Bedrooms | 11 | 14 | +27.3% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Norman County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 27.3%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 9 | +800.0% |
Asking Price vs. Sold Price
7 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 Norman County, you may be able to get a good deal. 77.8% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Norman County in May 2024, up by 800.0% month-over-month. Of the 9 sold homes, 78% were sold under asking, 22% were sold at asking, and 0% were sold over asking.
Days on Market for Norman County, MN
How long does it take to sell a home in Norman County, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 81 Days | 18 Days | -77.8% |
Summary: Homes in Norman County had an average of 18 days on market in May 2024, down by 77.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Norman County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Norman County; 44% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
