$125,000
Land
Listing Office: Cormorant Realty
Is Pelican 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, Pelican Rapids was a Seller's Market.
Key Takeaway
Pelican Rapids 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 Pelican Rapids, MN
How much do homes in Pelican Rapids, MN cost?
Median Sold Price
$405,000
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$3,750(-0.9%)
Key Takeaway
Homes in Pelican Rapids have sold for 0.9% less than they did a year ago.
Summary: The median home sold price in Pelican Rapids was $405,000 in October 2024, down 0.9% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $161.7K | $300K | +85.5% |
| 2 Bedrooms | $279K | $360K | +29.0% |
| 3 Bedrooms | $449.7K | $434.5K | -3.4% |
| 4 Bedrooms | $483K | $485K | 0.4% |
| 5+ Bedrooms | $601K | $256.9K | -57.3% |
Summary: Pelican Rapids housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 85.5%, 2 bedroom homes increased by 29%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes decreased by 57.3%.
Housing Supply in Pelican Rapids, MN
How many homes are available in Pelican Rapids, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 54 | 48 | -11.1% |
Summary: The Pelican Rapids real estate market had 48 homes for sale in October 2024, a 11.1% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 1 | -66.7% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 24 | 20 | -16.7% |
| 4 Bedrooms | 16 | 15 | -6.3% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Pelican Rapids housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 16.7%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 9 | 8 | -11.1% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pelican Rapids, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Pelican Rapids in October 2024, down by 11.1% month-over-month. Of the 8 sold homes, 63% were sold under asking, 0% were sold at asking, and 38% were sold over asking.
Days on Market for Pelican Rapids, MN
How long does it take to sell a home in Pelican Rapids, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 80 Days | 106 Days | +32.0% |
Summary: Homes in Pelican Rapids had an average of 106 days on market in Oct 2024, up by 32% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Pelican Rapids are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 8 homes were sold in Pelican Rapids; 38% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.
