Duluth Real Estate News

Duluth Home Prices As the summer season pushes forward, it’s been more of the same for Duluth area home buyers, which means home prices are still on the rise, and inventory continues to be limited.

According to new data from the Duluth Area Association of Realtors, the median sales price in June jumped 10% compared to last year to $174,5000.

Making matters worse, the number of homes listed on the market also dropped by 9% last month compared to last year’s inventory, which was already considered low at the time.

Part of the housing market issues we’re facing in Duluth right now lately relate to how quickly homes are selling, which believe it or not is scaring off some would-be sellers from listing due to the fear of their home selling before they’re able to find a

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Duluth Real Estate Market The month of May was no doubt a strong month for the Duluth housing market, but with pending sales down nearly 32% year-over-year, June was starting to shape up to be a bit slower than expected in terms of total closed sales. 

But with the Duluth Area Association of REALTORS® recently releasing last month’s final statistics, June also maintained the area’s upward trend, especially when it came to home prices. 

Compared to June of last year, closed sales were up 2.3%, going from 388 sales in 2016 to 397 sales this year, which also represents the highest sales volume of any month this year by far. And to prove it, here are the yearly closed sales month-by-month: 

  • January 2017 - 151 Closed Home Sales
  • February 2017 - 136 Closed Home Sales
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New reports have surfaced that detail plans for a possible new townhouse development that’s likely coming a site near the edge of Lake Vermilion in nearby Tower.

What’s being described as a sustainable development, construction could start as early as this year for the 20 new townhouse residences, which according to developers will be all about “sustainability and resiliency in managing resources in the environment.”

As mentioned by the Duluth News Tribune, land surrounding Lake Vermilion is prime for redevelopment right now, especially with the new Highway 169 bridge being added, which will allow for traffic to flow through the area much, much smoother. And as for the townhouse residences themselves, look for units in the dynamic new waterfront

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As we made our way through one of the busiest times of the year for the Duluth housing market, both closed sales and the median sales price jumped by nearly 4% during the month of May, while inventory continued to dwindle. 

According to numbers from the Duluth Area Association of REALTORS® (DAAR), the number of closed sales back in May officially jumped 3.8% compared to May of 2016, while the median sales price increased by 3.5% from $159,450 in 2016 to $165,000 in 2017. 

Typical for the busy spring market, homes were also selling quite quickly back in May, and the average number of days between when a property was listed and when it was sold actually dropped significantly year-over-year, falling 25% from 84 days to just 63 days. 

Despite a

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Duluth Homes For Sale With Over 5,000 Square FeetDespite Duluth being a relatively small market with under 100,000 people, there’s usually still plenty of opportunities for home buyers looking for lots and lots of living space. Not far from downtown Duluth is where you might find a small collection of historic homes with incredible charm and character, while further outside of the city presents other desirable options that range from newer construction homes to older farm houses that not only offer lots of interior space but plenty of surrounding land as well. 

If you’re someone who happens to be in the market for a home with ‘lots of living space’ however, the first order of business prior to even beginning a home search is defining what that means. For some buyers, it’s all about the number of

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Happening this week for just the second year is Duluth’s new “Get Downtown Week” initiative, which is designed to promote small downtown businesses and the services and products they offer. This year, more than 30 downtown Duluth businesses are participating in the “buy one, get one free” promo that helps make “Get Downtown Week” such an awesome event, providing customers with great deals on food, drinks, shopping, and even entertainment as well. 

Duluth’s “Get Downtown Week” started this past Sunday and will run through Saturday May 20th, so there’s plenty of time for local Duluth residents to get out and help support many of Duluth’s small businesses around the downtown area. 

Just like last year, the Greater Downtown Council is hosting this

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Kenwood Village Duluth One of Duluth’s highest profile new developments has officially made its debut, adding to the already vibrant and desirable atmosphere that surrounds the city’s rapidly evolving Kenwood neighborhood. 

Dubbed Kenwood Village, the new project is a stunning mixed-use development that features 83 upscale apartment residences and 14,500 square feet of commercial space that will no doubt add to the growing list of community amenities for local residents and home owners to enjoy and take advantage of when calling this highly attractive location in Duluth home. 

As noted in a recent update in the Duluth News Tribune, around 28 apartments have already been rented inside Kenwood Village and only one commercial space remains available as of the end of this

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It seems that for over the past couple years, or perhaps even a bit longer, there’s been a lot of chatter about how millennials are specifically seeking out an urban lifestyle that’s easy, efficient, and provides plenty of things to do within a close proximity to where they live. But while the broad assumption is that city life tends to be the direction most millennials are taking when buying or renting a home, condo, or apartment, a pair of recently released studies actually tells a different story. 

Contrary to popular belief, each of the reports, which were separately released by Zillow and Harvard University, actually suggests the bulk of millennial home buyers not only prefer the suburbs to the city but have already started buying homes and condos

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Ride Sharing in Duluth MNChatter about ride sharing services like Uber and Lyft finally making their way to the Duluth area has been on-going for what seems like forever. But according to a report from the Duluth New Tribune earlier this month, there seems to be some movement in the process, albeit slow movement, at best. 

Before either company can finally have a presence in the Duluth community, the city must first get various ride sharing regulations in place, which is apparently something that won’t happen until the end of April at the very earliest. 

As noted by the News Tribune, the Duluth City Councilor has been working closely with both Lyft and Uber regarding a ride sharing ordinance, which should be ready to be presented at the council’s next meeting on March 13th.

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Vacant Lots For Sale in Hawk RidgeNew construction inventory has been one of the few challenges facing many larger markets across the country in recent months, and even here in the Duluth area to some extent. With mortgage rates still low and job growth all over on the rise, both home sales and home prices continue to rise in the early beginning of 2017, making it harder for some buyers to find and secure a new place to live. 

If you’re specifically looking for a new construction home and aren’t finding something that fits your needs and wants that is already built, one alternative is purchasing a vacant lot and building your dream home from the ground up. 

Like existing new construction homes themselves, finding a vacant home site in a location you want can also be a somewhat

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