$10,000 Closing Credit*
$925,000
2,016 SqFt
3 Beds
•1 Full Bath
Listing Office: Wolff & Simon Real Estate
Is Park Rapids, 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, Park Rapids was a Seller's Market.
Key Takeaway
Park Rapids is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Park Rapids, MN
How much do homes in Park Rapids, MN cost?
Median Sold Price
$311,000
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$28,500(+10.1%)
Key Takeaway
Homes in Park Rapids have sold for 10.1% more than they did a year ago.
Summary: The median home sold price in Park Rapids was $311,000 in October 2024, up 10.1% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $177.9K | $347.5K | +95.3% |
| 2 Bedrooms | $205K | $228.7K | +11.6% |
| 3 Bedrooms | $329.4K | $309K | -6.2% |
| 4 Bedrooms | $375K | $335K | -10.7% |
| 5+ Bedrooms | $324.9K | $437.4K | +34.6% |
Summary: Park Rapids housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 95.3%, 2 bedroom homes increased by 11.6%, 3 bedroom homes decreased by 6.2%, 4 bedroom homes decreased by 10.7%, and 5+ bedroom homes increased by 34.6%.
Housing Supply in Park Rapids, MN
How many homes are available in Park Rapids, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 83 | 74 | -10.8% |
Summary: The Park Rapids real estate market had 74 homes for sale in October 2024, a 10.8% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 4 | -20.0% |
| 2 Bedrooms | 19 | 15 | -21.1% |
| 3 Bedrooms | 40 | 35 | -12.5% |
| 4 Bedrooms | 15 | 16 | +6.7% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Park Rapids housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 21.1%, 3 bedroom homes decreased by 12.5%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 18 | 9 | -50.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Park Rapids, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Park Rapids in October 2024, down by 50.0% month-over-month. Of the 9 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 38 Days | 41 Days | +7.9% |
Summary: Homes in Park Rapids had an average of 41 days on market in Oct 2024, up by 7.9% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Park Rapids are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 9 homes were sold in Park Rapids; 56% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
