Is Hugo, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Hugo has remained a Seller's Market.
Key Takeaway
Hugo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hugo, MN
How much do homes in Hugo, MN cost?
Median Sold Price
$445,147
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hugo have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Hugo was $445,147 in May 2024, up 3.1% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $275K | $281K | +2.2% |
| 3 Bedrooms | $360K | $389.9K | +8.3% |
| 4 Bedrooms | $530K | $526.2K | -0.7% |
| 5+ Bedrooms | $602K | $650K | +8.0% |
Summary: Hugo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 8.3%, 4 bedroom homes decreased by 0.7%, and 5+ bedroom homes increased by 8%.
Median Sold Price Compared To Nearby Cities
| Hugo | $431.7K | $445.1K | +3.1% |
| Forest Lake | $380K | $373.2K | -1.8% |
| May Township | $669K | $650.5K | -2.8% |
| Forest Lake | $392.7K | $380K | -3.2% |
Housing Supply in Hugo, MN
How many homes are available in Hugo, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 164 | 192 | +17.1% |
Summary: The Hugo real estate market had 192 homes for sale in May 2024, a 17.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 46 | 44 | -4.3% |
| 3 Bedrooms | 48 | 58 | +20.8% |
| 4 Bedrooms | 38 | 56 | +47.4% |
| 5+ Bedrooms | 32 | 34 | +6.3% |
Summary: The Hugo housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.3%, 3 bedroom homes increased by 20.8%, 4 bedroom homes increased by 47.4%, and 5+ bedroom homes increased by 6.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 44 | 38 | -13.6% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hugo, you could pay more than the asking price. 42.1% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in Hugo in May 2024, down by 13.6% month-over-month. Of the 38 sold homes, 29% were sold under asking, 29% were sold at asking, and 42% were sold over asking.
Days on Market for Hugo, MN
How long does it take to sell a home in Hugo, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 37 Days | +38.9% |
Summary: Homes in Hugo had an average of 37 days on market in May 2024, up by 38.9% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hugo are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 38 homes were sold in Hugo; 63% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
