$135,000
0.11 Acres
Land
Julia Maki, Listing Office: B.I.C. Realty
Is Tower, 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, Tower was a Buyer's Market.
Key Takeaway
Tower is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Tower, MN
How much do homes in Tower, MN cost?
Median Sold Price
$395,000
$322/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$127,500(-24.4%)
Key Takeaway
Homes in Tower have sold for 24.4% less than they did a year ago.
Summary: The median home sold price in Tower was $395,000 in October 2024, down 24.4% from last year, and the median price per square foot was $322.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $368.5K | $124.9K | -66.1% |
| 2 Bedrooms | $545K | $390K | -28.4% |
| 3 Bedrooms | $530K | $475K | -10.4% |
| 4 Bedrooms | $742.7K | $110K | -85.2% |
| 5+ Bedrooms | $325K | - | N/A |
Summary: Tower housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 66.1%, 2 bedroom homes decreased by 28.4%, 3 bedroom homes decreased by 10.4%, 4 bedroom homes decreased by 85.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Greenwood Township | $550K | $425K | -22.7% |
| Tower | $522.5K | $395K | -24.4% |
Housing Supply in Tower, MN
How many homes are available in Tower, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 40 | 32 | -20.0% |
Summary: The Tower real estate market had 32 homes for sale in October 2024, a 20.0% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 6 | -25.0% |
| 2 Bedrooms | 20 | 12 | -40.0% |
| 3 Bedrooms | 12 | 13 | +8.3% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Tower housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 40%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 | 9 | -25.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Tower, you may be able to get a good deal. 77.8% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Tower in October 2024, down by 25.0% month-over-month. Of the 9 sold homes, 78% were sold under asking, 0% were sold at asking, and 22% were sold over asking.
Days on Market for Tower, MN
How long does it take to sell a home in Tower, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 26 Days | 136 Days | +415.7% |
Summary: Homes in Tower had an average of 136 days on market in Oct 2024, up by 415.7% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Tower are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 9 homes were sold in Tower; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
