$2,482 Closing Credit*
$209,000
1,575 SqFt
3 Beds
•1 Full Bath, 1 Partial
Norma Jean Jofs, Listing Office: Next Door Realty
Is Babbitt, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Babbitt was a Seller's Market.
Key Takeaway
Babbitt 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 Babbitt, MN
How much do homes in Babbitt, MN cost?
Median Sold Price
$220,500
$81/sqft
Based on all homes sold in November 2024.
Difference Since Last Month
+$78,500(+55.3%)
Key Takeaway
Homes in Babbitt have sold for 55.3% more than they did a month ago.
Summary: The median home sold price in Babbitt was $220,500 in November 2024, up 55.3% from last month, and the median price per square foot was $81.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $142K | $67K | -52.8% |
| 3 Bedrooms | $74K | $220.5K | +198.0% |
| 4 Bedrooms | $266.5K | $380K | +42.6% |
| 5+ Bedrooms | - | - | N/A |
Summary: Babbitt housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 52.8%, 3 bedroom homes increased by 198%, 4 bedroom homes increased by 42.6%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Babbitt | $142K | $220.5K | +55.3% |
| Birch Lake | $266.5K | $380K | +42.6% |
Housing Supply in Babbitt, MN
How many homes are available in Babbitt, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 22 | 18 | -18.2% |
Summary: The Babbitt real estate market had 18 homes for sale in November 2024, a 18.2% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 5 | -28.6% |
| 3 Bedrooms | 9 | 9 | 0.0% |
| 4 Bedrooms | 5 | 3 | -40.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Babbitt housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 28.6%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 40%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 6 | 3 | -50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Babbitt, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Babbitt in November 2024, down by 50.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Babbitt, MN
How long does it take to sell a home in Babbitt, MN?
Average Sale Time
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 43 Days | 56 Days | +31.3% |
Summary: Homes in Babbitt had an average of 56 days on market in Nov 2024, up by 31.3% compared to last month.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Babbitt are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 3 homes were sold in Babbitt; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
