Is Pennington 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, Pennington County has remained a Seller's Market.
Key Takeaway
Pennington County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Pennington County, MN
How much do homes in Pennington County, MN cost?
Median Sold Price
$174,900
$112/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Pennington County has remained the same since last year.
Summary: The median home sold price in Pennington County was $174,900 in May 2024, up 0.3% from last year, and the median price per square foot was $112.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $18.6K | N/A |
| 2 Bedrooms | $137.2K | $149.4K | +8.9% |
| 3 Bedrooms | $175K | $172.5K | -1.4% |
| 4 Bedrooms | $220K | $255K | +15.9% |
| 5+ Bedrooms | $295.1K | $244.9K | -17.0% |
Summary: Pennington County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.9%, 3 bedroom homes decreased by 1.4%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes decreased by 17%.
Median Sold Price Compared To Nearby Counties
| Red Lake County | $155K | $166.7K | +7.6% |
| Clearwater County | $179.9K | $185K | +2.8% |
| Beltrami County | $254.7K | $259.9K | +2.0% |
| Pennington County | $174.4K | $174.9K | 0.3% |
Housing Supply in Pennington County, MN
How many homes are available in Pennington County, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 62 | 68 | +9.7% |
Summary: The Pennington County real estate market had 68 homes for sale in May 2024, a 9.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 11 | 10 | -9.1% |
| 3 Bedrooms | 31 | 35 | +12.9% |
| 4 Bedrooms | 15 | 17 | +13.3% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Pennington 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 decreased by 9.1%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 13 | +30.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pennington County, you may be able to get a good deal. 61.5% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Pennington County in May 2024, up by 30.0% month-over-month. Of the 13 sold homes, 62% were sold under asking, 15% were sold at asking, and 23% were sold over asking.
Days on Market for Pennington County, MN
How long does it take to sell a home in Pennington County, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 62 Days | 68 Days | +9.1% |
Summary: Homes in Pennington County had an average of 68 days on market in May 2024, up by 9.1% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Pennington County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in Pennington County; 38% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.
