$3,681 Closing Credit*
$310,000
1,982 SqFt
3 Beds
•2 Full Baths, 1 Partial
Listing Office: Keller Williams Classic Rlty NW
Is Hugo, 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, Hugo was a Seller's Market.
Key Takeaway
Hugo 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 Hugo, MN
How much do homes in Hugo, MN cost?
Median Sold Price
$421,666
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$14,983(-3.4%)
Key Takeaway
Homes in Hugo have sold for 3.4% less than they did a year ago.
Summary: The median home sold price in Hugo was $421,666 in October 2024, down 3.4% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $290K | $272.1K | -6.1% |
| 3 Bedrooms | $376K | $375.6K | -0.1% |
| 4 Bedrooms | $523.7K | $520K | -0.7% |
| 5+ Bedrooms | $617.1K | $580K | -6.0% |
Summary: Hugo housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 6.1%, 3 bedroom homes decreased by 0.1%, 4 bedroom homes decreased by 0.7%, and 5+ bedroom homes decreased by 6%.
Median Sold Price Compared To Nearby Cities
| Forest Lake | $390K | $396.7K | +1.7% |
| Forest Lake | $389.6K | $390K | 0.1% |
| Hugo | $436.6K | $421.6K | -3.4% |
| Grant | $709.9K | $645K | -9.1% |
Housing Supply in Hugo, MN
How many homes are available in Hugo, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 200 | 230 | +15.0% |
Summary: The Hugo real estate market had 230 homes for sale in October 2024, a 15.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 52 | 54 | +3.8% |
| 3 Bedrooms | 61 | 74 | +21.3% |
| 4 Bedrooms | 55 | 62 | +12.7% |
| 5+ Bedrooms | 32 | 40 | +25.0% |
Summary: The Hugo housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 21.3%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 48 | 37 | -22.9% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hugo, you may be able to get a good deal. 37.8% of homes here sold below asking price last month.
Summary: A total of 37 homes were sold or pending in Hugo in October 2024, down by 22.9% month-over-month. Of the 37 sold homes, 38% were sold under asking, 35% were sold at asking, and 27% were sold over asking.
Days on Market for Hugo, MN
How long does it take to sell a home in Hugo, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 51 Days | 36 Days | -29.1% |
Summary: Homes in Hugo had an average of 36 days on market in Oct 2024, down by 29.1% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hugo are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 37 homes were sold in Hugo; 57% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
