Overall, it’s been a pretty good summer for the Duluth real estate market, especially if you’re either in the process of selling your home or are considering putting your home on the market sometime in the near future. Housing prices across Northeastern Minnesota hit record highs as the median sales price reached $171,000 back in July, only to drop slightly one month after to $165,000 in August.
Many local real estate professionals are calling this the best time to sell a home in Duluth since before the recession, and a lot of that logic is directly related to a dwindling inventory that’s being felt all over the region.
Since August of 2015, the number of available homes on the market has sharply declined by 10%, and what homes are listed are now seemingly selling faster than ever. Many Duluth homes for sale are receiving multiple offers, and according to a recent report from the Duluth Area Association of Realtors, there were 22.3% more closed sales in August compared to last year’s totals.
So how does Duluth’s red hot market compare to the rest of Minnesota?
Overall, the state of Minnesota did see an 8% jump in the median sales price from August 2015 to August 2016, which was recorded at $215,000. And if you’re wondering whether the current sellers’ market is expected to remain, low interest rates and a limited inventory in the short-term should keep the market very active, at least through the election, if not into 2017.