Current State of the Duluth Housing Market
Is the market as competitive as it was a year ago? The Lift’s realtor Kevin Kalligher unpacked the current state of the Duluth housing market. “Locally we’re still seeing some multiple offer situations and any price point is under $300,000. It’s still pretty competitive but the market is starting to soften a little bit,” Kevin tells us.
We’re looking at single family homes in the Duluth, Hermantown, Cloquet, Esko, Carlton, Proctor area. 1512 units have been sold as of November 14. The average number of days on the market is 14 days. The average list price is $296,950, and the average sales price is up at $306,170.
During the same time frame last year there were 1728 units sold, and the average listing spend 18 days on the market. The average list price was $283,745, and the average sales price was $288,749.
On average there iss a 6% increase in the average home price every year. In the last five years, there has been a 51% price growth locally.