Is Pennington County, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Pennington County was a Seller's Market.
Key Takeaway
Pennington County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Pennington County, MN
How much do homes in Pennington County, MN cost?
Median Sold Price
$178,500
$111/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Pennington County have sold for 4.4% more than they did a year ago.
Summary: The median home sold price in Pennington County was $178,500 in April 2024, up 4.4% from last year, and the median price per square foot was $111.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $65K | $18.6K | -71.4% |
| 2 Bedrooms | $139.5K | $145K | +3.9% |
| 3 Bedrooms | $172K | $175K | +1.7% |
| 4 Bedrooms | $215K | $256.9K | +19.5% |
| 5+ Bedrooms | $292.5K | $255K | -12.8% |
Summary: Pennington County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 71.4%, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 1.7%, 4 bedroom homes increased by 19.5%, and 5+ bedroom homes decreased by 12.8%.
Median Sold Price Compared To Nearby Counties
| Red Lake County | $149K | $163K | +9.4% |
| Pennington County | $171K | $178.5K | +4.4% |
| Beltrami County | $250K | $261K | +4.4% |
| Clearwater County | $179.9K | $180K | 0.0% |
| Marshall County | $141K | $135K | -4.3% |
Housing Supply in Pennington County, MN
How many homes are available in Pennington County, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 55 | 62 | +12.7% |
Summary: The Pennington County real estate market had 62 homes for sale in April 2024, a 12.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 10 | +11.1% |
| 3 Bedrooms | 25 | 31 | +24.0% |
| 4 Bedrooms | 15 | 15 | 0.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Pennington County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 24%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 9 | +50.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pennington County, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Pennington County in April 2024, up by 50.0% month-over-month. Of the 9 sold homes, 44% were sold under asking, 11% were sold at asking, and 44% were sold over asking.
Days on Market for Pennington County, MN
How long does it take to sell a home in Pennington County, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 71 Days | 54 Days | -24.0% |
Summary: Homes in Pennington County had an average of 54 days on market in Apr 2024, down by 24% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Pennington County are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 9 homes were sold in Pennington County; 44% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
