$7,600 Closing Credit*
$640,000
1,268 SqFt
3 Beds
•1 Full Bath
Jacob Patten, Listing Office: Red Pine Realty
Is Tofte, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Tofte has remained a Neutral Market.
Key Takeaway
Tofte 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 Tofte, MN
How much do homes in Tofte, MN cost?
Median Sold Price
$1,500,000
$738/sqft
Based on all homes sold in October 2024.
Difference Since Last Month
+$825,000(+122.2%)
Key Takeaway
Homes in Tofte have sold for 122.2% more than they did a month ago.
Summary: The median home sold price in Tofte was $1,500,000 in October 2024, up 122.2% from last month, and the median price per square foot was $738.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $1.5M | N/A |
| 3 Bedrooms | - | - | N/A |
| 4 Bedrooms | $675K | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Tofte housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Tofte | $675K | $1.5M | +122.2% |
| Lutsen Township | $490K | $930K | +89.8% |
| Lutsen | $485K | $360K | -25.8% |
Housing Supply in Tofte, MN
How many homes are available in Tofte, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 7 | +16.7% |
Summary: The Tofte real estate market had 7 homes for sale in October 2024, a 16.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 0 | 1 | +100.0% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Tofte housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes remained the same, 3 bedroom homes increased by 100%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1 | 1 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Tofte, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in Tofte in October 2024, the same as the previous month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Tofte, MN
How long does it take to sell a home in Tofte, MN?
Average Sale Time
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 19 Days | 38 Days | +100.0% |
Summary: Homes in Tofte had an average of 38 days on market in Oct 2024, up by 100% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Tofte has remained consistent over time.
Summary: During October 2024, 1 homes were sold in Tofte; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
