$160,000
Land
Listing Office: Edina Realty, Inc.
Is Farwell, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Farwell was a Seller's Market.
Key Takeaway
Farwell 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 Farwell, MN
How much do homes in Farwell, MN cost?
Median Sold Price
$342,450
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$3,450(+1.0%)
Key Takeaway
Homes in Farwell have sold for 1% more than they did a year ago.
Summary: The median home sold price in Farwell was $342,450 in October 2024, up 1% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | $129.9K | +85.6% |
| 2 Bedrooms | $300K | $334.9K | +11.6% |
| 3 Bedrooms | $349.5K | $417K | +19.3% |
| 4 Bedrooms | $419.9K | $475K | +13.1% |
| 5+ Bedrooms | - | $105K | N/A |
Summary: Farwell housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 85.6%, 2 bedroom homes increased by 11.6%, 3 bedroom homes increased by 19.3%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes did not change.
Housing Supply in Farwell, MN
How many homes are available in Farwell, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Summary: The Farwell real estate market had 6 homes for sale in October 2024, a 14.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 4 | 2 | -50.0% |
| 3 Bedrooms | 1 | 1 | 0.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Farwell housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 50%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farwell, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Farwell in October 2024, down by 50.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Farwell, MN
How long does it take to sell a home in Farwell, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 16 Days | 50 Days | +198.5% |
Summary: Homes in Farwell had an average of 50 days on market in Oct 2024, up by 198.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Farwell has remained consistent over time.
Summary: During October 2024, 1 homes were sold in Farwell; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
