Is Duluth, 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, Duluth has remained a Seller's Market.
Housing Prices in Duluth, MN
How much do homes in Duluth, MN cost?
Median Sold Price
$300,080
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Duluth was $300,080 in May 2024, up 18.8% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $137.4K | $135K | -1.8% |
2 Bedrooms | $207K | $248.5K | +20.0% |
3 Bedrooms | $255.1K | $272K | +6.6% |
4 Bedrooms | $335K | $439.9K | +31.3% |
5+ Bedrooms | $432K | $330K | -23.6% |
Summary: Duluth housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.8%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 31.3%, and 5+ bedroom homes decreased by 23.6%.
Median Sold Price Compared To Nearby Cities
Duluth | $252.5K | $300K | +18.8% |
Superior | $186.1K | $200K | +7.5% |
Housing Supply in Duluth, MN
How many homes are available in Duluth, MN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
97 | 171 | +76.3% |
Summary: The Duluth real estate market had 171 homes for sale in May 2024, a 76.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 4 | +300.0% |
2 Bedrooms | 20 | 37 | +85.0% |
3 Bedrooms | 38 | 71 | +86.8% |
4 Bedrooms | 26 | 44 | +69.2% |
5+ Bedrooms | 12 | 15 | +25.0% |
Summary: The Duluth housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 85%, 3 bedroom homes increased by 86.8%, 4 bedroom homes increased by 69.2%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
19 | 46 | +142.1% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Summary: A total of 46 homes were sold or pending in Duluth in May 2024, up by 142.1% month-over-month. Of the 46 sold homes, 26% were sold under asking, 17% were sold at asking, and 57% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
8 Days | 14 Days | +87.0% |
Summary: Homes in Duluth had an average of 14 days on market in May 2024, up by 87% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 46 homes were sold in Duluth; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.