Is Koochiching 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, Koochiching County has remained a Neutral Market.
Key Takeaway
Koochiching County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Koochiching County, MN
How much do homes in Koochiching County, MN cost?
Median Sold Price
$156,000
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Koochiching County have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Koochiching County was $156,000 in May 2024, up 5.1% from last year, and the median price per square foot was $109.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $145.8K | +53.5% |
| 2 Bedrooms | $90K | $127.4K | +41.6% |
| 3 Bedrooms | $145K | $171.5K | +18.3% |
| 4 Bedrooms | $194.5K | $175K | -10.0% |
| 5+ Bedrooms | $217.5K | $268K | +23.2% |
Summary: Koochiching County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 53.5%, 2 bedroom homes increased by 41.6%, 3 bedroom homes increased by 18.3%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 23.2%.
Median Sold Price Compared To Nearby Counties
| Saint Louis County | $219.4K | $250.3K | +14.1% |
| Itasca County | $235K | $250K | +6.4% |
| Koochiching County | $148.5K | $156K | +5.1% |
| Beltrami County | $254.7K | $259.9K | +2.0% |
| Lake of the Woods County | $208.7K | $187.5K | -10.2% |
Housing Supply in Koochiching County, MN
How many homes are available in Koochiching County, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 54 | +42.1% |
Summary: The Koochiching County real estate market had 54 homes for sale in May 2024, a 42.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 6 | 0.0% |
| 2 Bedrooms | 10 | 14 | +40.0% |
| 3 Bedrooms | 14 | 21 | +50.0% |
| 4 Bedrooms | 4 | 9 | +125.0% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Koochiching 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 40%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 125%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Koochiching County, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Koochiching County in May 2024, up by 33.3% month-over-month. Of the 8 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% were sold over asking.
Days on Market for Koochiching County, MN
How long does it take to sell a home in Koochiching County, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 165 Days | 63 Days | -61.9% |
Summary: Homes in Koochiching County had an average of 63 days on market in May 2024, down by 61.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Koochiching County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Koochiching County; 38% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.
