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 new place to live.
First time home buyers are also struggling with current market conditions, according to a report in the Duluth News Tribune, who are continuously missing out on homes thanks to not making an offer in time or taking too long to get financing in order. Additionally, Duluth homes for sale in the $100,000 to $200,000 price range are also only sitting on the market for 43 days, which is much faster than homes at the same price point in many surrounding areas.
With home buyer demand still strong, however, there may be no better time to sell your Duluth home than now, especially before the market starts to settle for the late fall and winter seasons.