Bemidji Area Real Estate Market Report
Aug 16-23, 2024
In the past 7 days there have been:
18 new listings, prices ranging from $129k-$2,500,000. The median price of the new listings are $297,400.00
8 price decreases, with the median price adjustment of $12,825.00 Av. DOM: 60
15 closed transactions, with a median sales price of $240k
8 pending transactions with a median price of $248,350.00
2 canceled listings
1 back on market
0 price increase
0 expired listings
1 coming soon listings
You may be asking what this means for you. Well, that depends...
If you are thinking of selling your home, it is still a good seller’s market. With a high demand for homes, we are continuing to see more homes come to the market at a steady rate, but not enough to meet the demand in all areas. Home sales are continuing to be steady, even while we are seeing a rebalance of the market; meaning more days on market and price adjustments. This will continue to bring our local real estate market more toward a normal, more balanced market than we have seen for the last few years.
If you are thinking of buying a home, you should be prepared for a fairly competitive market from what we are seeing so far in 2024. Prices are readjusting somewhat, and interest rates continue to inch downward. We could hope to continue to see a downward trend in the home mortgage rate. There are also more lending programs kicking up to help give you some relief from the higher interest rates should you meet the criteria for qualification. We are also seeing more consumers benefiting from adjustable rate mortgages currently than we have in the past several years. All in all, homebuyers are getting more education, more savvy, and more representation to help them navigate the changing real estate market.
If you have no plans of moving, you should know that your home is continuing to appreciate at a very desirable rate in our local area, building equity, and keeping your investment safe.
We don't know how the recent changes within the real estate industry will affect the local market, or if they will. Please be sure to subscribe to the blog to keep up with the local market and real estate trends.
Until next week....
W
