$8,182 Closing Credit*
$689,000
2,380 SqFt
3 Beds
•2 Full Baths
Listing Office: HomeSmart Adventure Realty
Is Detroit Lakes, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Detroit Lakes has remained a Seller's Market.
Key Takeaway
Detroit Lakes is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Detroit Lakes, MN
How much do homes in Detroit Lakes, MN cost?
Median Sold Price
$349,250
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$29,266(+9.1%)
Key Takeaway
Homes in Detroit Lakes have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Detroit Lakes was $349,250 in October 2024, up 9.1% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $269K | $162.5K | -39.6% |
| 2 Bedrooms | $205K | $225K | +9.8% |
| 3 Bedrooms | $359.9K | $325K | -9.7% |
| 4 Bedrooms | $328K | $361K | +10.1% |
| 5+ Bedrooms | $549K | $575K | +4.7% |
Summary: Detroit Lakes housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 39.6%, 2 bedroom homes increased by 9.8%, 3 bedroom homes decreased by 9.7%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 4.7%.
Median Sold Price Compared To Nearby Cities
| Burlington Township | $300K | $396.2K | +32.1% |
| Detroit Lakes | $319.9K | $349.2K | +9.1% |
| Detroit Township | $345K | $369.5K | +7.1% |
Housing Supply in Detroit Lakes, MN
How many homes are available in Detroit Lakes, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 144 | 145 | +0.7% |
Summary: The Detroit Lakes real estate market had 145 homes for sale in October 2024, a 0.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 17 | 21 | +23.5% |
| 3 Bedrooms | 57 | 52 | -8.8% |
| 4 Bedrooms | 51 | 53 | +3.9% |
| 5+ Bedrooms | 17 | 16 | -5.9% |
Summary: The Detroit Lakes housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 23.5%, 3 bedroom homes decreased by 8.8%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 5.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 26 | 27 | +3.8% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Detroit Lakes, you may be able to get a good deal. 63% of homes here sold below asking price last month.
Summary: A total of 27 homes were sold or pending in Detroit Lakes in October 2024, up by 3.8% month-over-month. Of the 27 sold homes, 63% were sold under asking, 30% were sold at asking, and 7% were sold over asking.
Days on Market for Detroit Lakes, MN
How long does it take to sell a home in Detroit Lakes, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 78 Days | 44 Days | -43.5% |
Summary: Homes in Detroit Lakes had an average of 44 days on market in Oct 2024, down by 43.5% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Detroit Lakes are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 27 homes were sold in Detroit Lakes; 41% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
