$4,501 Closing Credit*
$379,000
2,447 SqFt
3 Beds
•1 Full Bath
Listing Office: Krueger Realty, Inc.
Is Fairmont, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Fairmont has remained a Seller's Market.
Key Takeaway
Fairmont is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Fairmont, MN
How much do homes in Fairmont, MN cost?
Median Sold Price
$182,900
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$5,900(+3.3%)
Key Takeaway
Homes in Fairmont have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Fairmont was $182,900 in November 2024, up 3.3% from last year, and the median price per square foot was $109.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $81.2K | N/A |
| 2 Bedrooms | $126.7K | $129.5K | +2.1% |
| 3 Bedrooms | $167.5K | $197.5K | +17.9% |
| 4 Bedrooms | $282.5K | $253.9K | -10.1% |
| 5+ Bedrooms | $330K | $254.9K | -22.8% |
Summary: Fairmont housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.1%, 3 bedroom homes increased by 17.9%, 4 bedroom homes decreased by 10.1%, and 5+ bedroom homes decreased by 22.8%.
Median Sold Price Compared To Nearby Cities
| Fairmont | $177K | $182.9K | +3.3% |
| Fairmont Township | $179K | $182.9K | +2.2% |
Housing Supply in Fairmont, MN
How many homes are available in Fairmont, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 55 | 53 | -3.6% |
Summary: The Fairmont real estate market had 53 homes for sale in November 2024, a 3.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 13 | 16 | +23.1% |
| 3 Bedrooms | 29 | 27 | -6.9% |
| 4 Bedrooms | 10 | 9 | -10.0% |
| 5+ Bedrooms | 2 | 0 | -100.0% |
Summary: The Fairmont 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 increased by 23.1%, 3 bedroom homes decreased by 6.9%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 15 | 12 | -20.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairmont, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Fairmont in November 2024, down by 20.0% month-over-month. Of the 12 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for Fairmont, MN
How long does it take to sell a home in Fairmont, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 40 Days | 60 Days | +49.2% |
Summary: Homes in Fairmont had an average of 60 days on market in Nov 2024, up by 49.2% compared to last year.
Breakdown of Home Sale Times
7 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 Fairmont are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 12 homes were sold in Fairmont; 58% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
