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Boreal Community Media

Video: Not enough housing in the Northland

Dec 02, 2021 06:43AM ● By Editor

Watch the WDIO-TV report here

Photo: WDIO-TV

By Shalon Monroe of WDIO-TV - December 1, 2021 

The housing market in the Northland has been fluctuating over the past several years. It’s been a seller’s market, seeing a booming uptick like most of the country this year. With more and more individuals and families moving into the area and a shortage of listings and supply issues, it's becoming frustrating for those who want to buy a home.

Some of the frustrations come from homes that could be listed on the market are not, that’s due to some currents homeowners not being able to find their next home. With a lack of homes on the market, potential home buyers are doing everything possible to secure a home no matter what the cost might be.

In October, most homes on average in the region sold for 3.3% high than last October according to data from Lake Superior Area Realtors. From 2020 to 2021, the average sale price increased from $225,448 to $259,179 dollars per home. 

"At the beginning of the process, with a lot of buyers, they are trying to make offers that are only two or three thousand dollars over asking prices and getting beat out several times. They'll start making these offers that are ten, twenty and thirty thousand dollars over asking price just to secure a home", said President-Elect of Lake Superior Area Realtors, Karen Pagel Guerndt. 

Compared to last years, houses for sell will sit on the market for about 26 days before an offer is accepted. Last year, it was 56 days.  

To see the original story and read related articles, follow this link to the WDIO-TV website.