The housing market in Duluth is looking good and there is some news for both home buyers and those hoping to sell a home in Duluth.
Duluth Housing Market News for Homeowners
The median list price for a home in Duluth is holding steady. It took quite a tumble from November’s $285,000 to December’s $225,000 but it appears to be holding steady at the latter through January. This is good news, overall, because last year at this time the median list price was $169,900.
The inventory of available homes is way down from last year. As long as there are buyers interested in purchasing Duluth homes for sale, homeowners offering homes in good condition should have an easy time selling right now.
Interested in Buying a Home in Duluth?
If you’re hoping to purchase a foreclosure or short sale, the number of distressed properties on the market has decreased. This doesn’t mean you won’t find one, it just means you’ll have to be a bit more diligent in your search. Make sure your real estate agent is on the ball and watching for new properties as they enter the market.
If you are currently renting and your lease is up for renewal, you may want to seriously consider buying a house in Duluth, and here’s why: rents are going up.
According to Minnesota Public Radio’s Tim Nelson, rental vacancies are tight, which of course causes prices to increase – an example of supply and demand at work in the housing market.
If you’ve been toying with the idea of buying a home and getting off the tenant treadmill, we’re happy to help you find down payment and closing cost assistance programs. Feel free to contact us.
Image: License: CC0 Public Domain