Owatonna Housing Market Report December 2024•Steele County, Minnesota

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Housing Prices in Owatonna, MN

How much do homes in Owatonna, MN cost?

Housing Market Conditions

Is Owatonna, 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

Owatonna is a Seller's Market

Difference Since December 2023

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

Insight

Owatonna 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.
$284,966$150/SqFt
+$14,966
+5.5%

Based on all homes sold in the last 12 months

Insight

Homes in Owatonna have sold for 5.5% more than they did a year ago.

Summary: The median home sold price in Owatonna was $284,966 in December 2024, up 5.5% from last year, and the median price per square foot was $150.

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
Owatonna Township
+5.5%
Owatonna
+5.5%

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$174.2K$131.5K
-24.5%
2$222K$232.5K
+4.7%
3$257.5K$269.9K
+4.8%
4$309K$320K
+3.6%
5$375K$440K
+17.3%

Summary: Owatonna housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes decreased by -24.5%. The home price for 2 bedroom homes increased by +4.7%. The home price for 3 bedroom homes increased by +4.8%. The home price for 4 bedroom homes increased by +3.6%. The home price for 5 bedroom homes increased by +17.3%.

Housing supply in Owatonna, MN

How many homes are available in Owatonna, 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
94Last MonthDec 2024
1002 months agoNov 2024
-6.0 %
Change MoMNov – Dec

Summary: The Owatonna real estate market had 94 homes for sale in Dec 2024, a 6.0 % 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
31Last MonthDec 2024
182 months agoNov 2024
+72.2 %
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
112
+100.0%
21915
-21.1%
34035
-12.5%
42628
+7.7%
51414
0.0%

Summary: Owatonna housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes increased by +100.0%. The inventory for 2 bedroom homes decreased by -21.1%. The inventory for 3 bedroom homes decreased by -12.5%. The inventory for 4 bedroom homes increased by +7.7%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in Owatonna, 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 Price9 Homes

At Asking Price7 Homes

Under Asking Price15 Homes

Insight

If you're buying a home in Owatonna, you may be able to get a good deal. 48.4% of homes here sold below asking price last month.

Summary: A total of 31 homes were sold or pending in Owatonna in December 2024, up by 72.2% month-over-month. Of the 31 sold homes, 48% were sold under asking, 23% were sold at asking, and and 29% were sold over asking.

Days on Market for Owatonna, MN

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

Breakdown of Home Sale Times

Under 30 Days18 Homes

30 – 90 Days9 Homes

Over 90 Days4 Homes

Insight

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

Summary: During December 2024, 31 homes were sold in Owatonna; 58% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 13% 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
43 DaysThis YearDec 2024
34 Days1 year agoDec 2023
+27.0 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Owatonna had an average listing age of 43 days in Dec 2024, up by 27.0% compared to the previous year.

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Newest Listings in Owatonna, MN

What homes are available in Owatonna, MN?

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Last updated on: 1/17/2025, 11:22:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.