Is Owatonna, 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, Owatonna has remained a Seller's Market.
Key Takeaway
Owatonna is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Owatonna, MN
How much do homes in Owatonna, MN cost?
Median Sold Price
$275,000
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Owatonna have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Owatonna was $275,000 in May 2024, up 3.3% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $166.6K | $186.7K | +12.1% |
| 2 Bedrooms | $242.5K | $224.9K | -7.2% |
| 3 Bedrooms | $230K | $265K | +15.2% |
| 4 Bedrooms | $290K | $311K | +7.2% |
| 5+ Bedrooms | $384.9K | $383K | -0.5% |
Summary: Owatonna housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.1%, 2 bedroom homes decreased by 7.2%, 3 bedroom homes increased by 15.2%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes decreased by 0.5%.
Median Sold Price Compared To Nearby Cities
| Owatonna | $266.2K | $275K | +3.3% |
| Owatonna Township | $270K | $275K | +1.9% |
Housing Supply in Owatonna, MN
How many homes are available in Owatonna, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 87 | 111 | +27.6% |
Summary: The Owatonna real estate market had 111 homes for sale in May 2024, a 27.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 13 | 17 | +30.8% |
| 3 Bedrooms | 34 | 41 | +20.6% |
| 4 Bedrooms | 32 | 39 | +21.9% |
| 5+ Bedrooms | 8 | 13 | +62.5% |
Summary: The Owatonna housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 30.8%, 3 bedroom homes increased by 20.6%, 4 bedroom homes increased by 21.9%, and 5+ bedroom homes increased by 62.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 29 | +31.8% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Owatonna, you could pay more than the asking price. 51.7% of homes here sold above asking price last month.
Summary: A total of 29 homes were sold or pending in Owatonna in May 2024, up by 31.8% month-over-month. Of the 29 sold homes, 21% were sold under asking, 28% were sold at asking, and 52% were sold over asking.
Days on Market for Owatonna, MN
How long does it take to sell a home in Owatonna, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 46 Days | 25 Days | -46.3% |
Summary: Homes in Owatonna had an average of 25 days on market in May 2024, down by 46.3% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Owatonna are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 29 homes were sold in Owatonna; 79% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
