Northfield Housing Market Report December 2024•Rice County, Minnesota

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Housing Prices in Northfield, MN

How much do homes in Northfield, MN cost?

Housing Market Conditions

Is Northfield, MN a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Northfield is a Seller's Market

Difference Since December 2023

Since last year, Northfield has remained a Seller's Market.

Insight

Northfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$376,500$171/SqFt
+$25,500
+7.3%

Based on all homes sold in the last 12 months

Insight

Homes in Northfield have sold for 7.3% more than they did a year ago.

Summary: The median home sold price in Northfield was $376,500 in December 2024, up 7.3% from last year, and the median price per square foot was $171.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Northfield Township
+8.0%
Northfield
+7.3%
Dundas
0.0%
Bridgewater Township
-4.7%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$232.5K$152.9K
-34.2%
2$259K$270K
+4.2%
3$340K$335.5K
-1.3%
4$395K$414.9K
+5.1%
5$424K$510K
+20.3%

Summary: Northfield housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes decreased by -34.2%. The home price for 2 bedroom homes increased by +4.2%. The home price for 3 bedroom homes decreased by -1.3%. The home price for 4 bedroom homes increased by +5.1%. The home price for 5 bedroom homes increased by +20.3%.

Housing supply in Northfield, MN

How many homes are available in Northfield, MN?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
72Last MonthDec 2024
792 months agoNov 2024
-8.9 %
Change MoMNov – Dec

Summary: The Northfield real estate market had 72 homes for sale in Dec 2024, a 8.9 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
15Last MonthDec 2024
202 months agoNov 2024
-25.0 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
110
-100.0%
21413
-7.1%
33536
+2.9%
42013
-35.0%
5910
+11.1%

Summary: Northfield housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes decreased by -100.0%. The inventory for 2 bedroom homes decreased by -7.1%. The inventory for 3 bedroom homes increased by +2.9%. The inventory for 4 bedroom homes decreased by -35.0%. The inventory for 5 bedroom homes increased by +11.1%.

Asking Price vs. Sold Price

How much do homes in Northfield, MN cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price3 Homes

At Asking Price4 Homes

Under Asking Price8 Homes

Insight

If you're buying a home in Northfield, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Northfield in December 2024, down by 25.0% month-over-month. Of the 15 sold homes, 53% were sold under asking, 27% were sold at asking, and and 20% were sold over asking.

Days on Market for Northfield, MN

How long does it take to sell a home in Northfield, MN?

Breakdown of Home Sale Times

Under 30 Days8 Homes

30 – 90 Days2 Homes

Over 90 Days3 Homes

Insight

Many homes in Northfield are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 15 homes were sold in Northfield; 53% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
45 DaysThis YearDec 2024
35 Days1 year agoDec 2023
+28.2 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Northfield had an average listing age of 45 days in Dec 2024, up by 28.2% compared to the previous year.

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Newest Listings in Northfield, MN

What homes are available in Northfield, MN?

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Last updated on: 1/17/2025, 11:52:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.