$395,000
Land
Listing Office: Whitetail Properties Real
Is Park Rapids, 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, Park Rapids has remained a Seller's Market.
Key Takeaway
Park Rapids is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Park Rapids, MN
How much do homes in Park Rapids, MN cost?
Median Sold Price
$307,000
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$24,500(+8.7%)
Key Takeaway
Homes in Park Rapids have sold for 8.7% more than they did a year ago.
Summary: The median home sold price in Park Rapids was $307,000 in November 2024, up 8.7% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $208.9K | $347.5K | +66.3% |
| 2 Bedrooms | $205K | $250K | +22.0% |
| 3 Bedrooms | $329.4K | $300K | -8.9% |
| 4 Bedrooms | $370K | $322.5K | -12.8% |
| 5+ Bedrooms | $370K | $499.9K | +35.1% |
Summary: Park Rapids housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 66.3%, 2 bedroom homes increased by 22%, 3 bedroom homes decreased by 8.9%, 4 bedroom homes decreased by 12.8%, and 5+ bedroom homes increased by 35.1%.
Housing Supply in Park Rapids, MN
How many homes are available in Park Rapids, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 63 | 63 | 0.0% |
Summary: The Park Rapids real estate market had 63 homes for sale in November 2024, the same as October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 13 | 14 | +7.7% |
| 3 Bedrooms | 33 | 32 | -3.0% |
| 4 Bedrooms | 11 | 10 | -9.1% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Park Rapids housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 7.7%, 3 bedroom homes decreased by 3%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 10 | 12 | +20.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Park Rapids, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Park Rapids in November 2024, up by 20.0% month-over-month. Of the 12 sold homes, 67% were sold under asking, 25% were sold at asking, and 8% were sold over asking.
Days on Market for Park Rapids, MN
How long does it take to sell a home in Park Rapids, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 33 Days | 135 Days | +304.0% |
Summary: Homes in Park Rapids had an average of 135 days on market in Nov 2024, up by 304% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Park Rapids are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 12 homes were sold in Park Rapids; 0% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 67% of homes were sold over 90 days.
