Not enough housing in the Northland
The housing market in the Northland has been fluctuating over the past several years. It has been a seller’s market, seeing a booming uptick like most of the country this year. With more and more individuals and families moving into the area and a shortage of listings and supply issues, it is becoming frustrating for those who want to buy a home.
Some of the frustrations come from homes that could be listed on the market are not. That is due to some current homeowners not being able to find their next home. With a lack of homes on the market, potential home buyers are doing everything possible to secure a home no matter what the cost might be. From 2020 to 2021, the average sale price increased from $225,448 to $259,179 per home.
"At the beginning of the process, with a lot of buyers, they are trying to make offers that are only $2,000 to $3,000 over asking prices and getting beat out several times. They will start making these offers that are ten, twenty, and thirty thousand dollars over the asking price to secure a home," said President-Elect of Lake Superior Area Realtors, Inc, Karen Pagel Guerndt.
This year, houses for sale sat on the market for about 26 days before an offer was accepted. Last year, it was 59 days.