Even though the summer season is traditionally a slower time for the real estate market all over the country, it’s safe to say the summer of 2016 was significantly more competitive than just about any summer in recent memory.
But now that August is coming to a close and the busy fall season is right around the corner, we thought now might be a good time to provide Duluth area home buyers and sellers with a quick market update.
As of today, the median list price for a home in Duluth, MN is $175,000, which comes out to approximately $102 a square foot. Although still higher than much of what we saw in 2015, that’s still the lowest median list price for a home in Duluth since January of this year when it settled at $174,000.
The median closing price for the Duluth area has settled on $160,000, and also as of today, 880 homes are currently listed for sale with another 36 homes listed for rent. 27 of the 880 homes are listed as foreclosures, while 345 listings have also just seen a price reduction.
Finally, of the 36 rentals, 28 listings are apartments, while just 8 single-family homes are currently available to rent all throughout the Duluth area.
Taking into account all the cities surrounding the Duluth area, Hermantown currently has the highest median list price of $199,900, while the city of Morgan Park is seeing the lowest median list price of just $118,200.