Bemidji Area Real Estate Market Report
Aug 30- Sept 6, 2024
In the past 7 days there have been:
13 new listings, prices ranging from $88k-$744,900. The median price of the new listings are $244,500
9 price decreases, with the median price adjustment of $15k Av. DOM: 53
9 closed transactions, with a median sales price of $259k
12 pending transactions with a median price of $222,425
3 canceled listings
2 back on market
0 price increase
4 expired listings
0 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 more price adjustments. This will continue to bring our local real estate market 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. The number of buyers are still well out-pacing the number of homes on the market. Prices are readjusting somewhat, and interest rates have continued to inch downward. The forecasts that are beginning to come out show a continued 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. Consumers are getting both creative and savvy in making the real estate decisions that best suit their needs.
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.
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Until next week....
W
