$3,503 Closing Credit*
$295,000
1,510 SqFt
2 Beds
•1 Full Bath, 1 Partial
Listing Office: RE/MAX Advantage Plus
Is Pelican 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, Pelican Rapids has remained a Seller's Market.
Key Takeaway
Pelican Rapids is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Pelican Rapids, MN
How much do homes in Pelican Rapids, MN cost?
Median Sold Price
$405,000
$211/sqft
Based on all homes sold in the last 12 months.
Difference Since November 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 November 2024, down 0.9% from last year, and the median price per square foot was $211.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $161.7K | $300K | +85.5% |
| 2 Bedrooms | $279K | $360K | +29.0% |
| 3 Bedrooms | $439K | $430K | -2.1% |
| 4 Bedrooms | $520K | $450K | -13.5% |
| 5+ Bedrooms | $259.9K | $140K | -46.1% |
Summary: Pelican Rapids housing prices by bedroom type for November 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 2.1%, 4 bedroom homes decreased by 13.5%, and 5+ bedroom homes decreased by 46.1%.
Housing Supply in Pelican Rapids, MN
How many homes are available in Pelican Rapids, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 44 | 41 | -6.8% |
Summary: The Pelican Rapids real estate market had 41 homes for sale in November 2024, a 6.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 10 | +11.1% |
| 3 Bedrooms | 19 | 14 | -26.3% |
| 4 Bedrooms | 13 | 12 | -7.7% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Pelican Rapids housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.1%, 3 bedroom homes decreased by 26.3%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 8 | 7 | -12.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pelican Rapids, expect to pay close to the asking price. 42.9% of homes here sold near the asking price last month.
Summary: A total of 7 homes were sold or pending in Pelican Rapids in November 2024, down by 12.5% month-over-month. Of the 7 sold homes, 29% were sold under asking, 43% were sold at asking, and 29% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 46 Days | 126 Days | +169.5% |
Summary: Homes in Pelican Rapids had an average of 126 days on market in Nov 2024, up by 169.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Pelican Rapids are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 7 homes were sold in Pelican Rapids; 14% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 71% of homes were sold over 90 days.
