Duluth, Minnesota Housing Market

What stands out in Duluth?

• 77 homes are under contract for every 100 still for sale: among the most homes under contract per listing of 584 tracked cities. Demand is strong. Expect competition on good homes.
• Homes for sale are up 48% on last year: among the fastest inventory growth of 765 tracked cities. Supply is building fast, which shifts leverage to buyers.
• Asking prices swing about 18.1% between the cheapest and priciest months: among the biggest seasonal price swings of 765 tracked cities. Timing your purchase within the year matters here.

Why is Duluth still competitive?

Duluth has 33% fewer homes for sale than in 2017–2019 at this time of year, and listings spend a median 44 days on the market, less than in 77% of the 765 cities we track. For every 100 homes still for sale, 77 are under contract. Well-priced homes will draw more than one offer. Your discount is in the listing that has sat, so set a price alert and move when a stale one gets cut.

How much can you negotiate in Duluth?

For every 100 homes still for sale, 77 are under contract. In 2017–2019 at this time of year it was 57. The rest are still waiting for a buyer. About 1 in 5 sellers has already dropped their price. Each one has learned their first price was too high. Start your offer below their new price.

Duluth listings spend a median 44 days on the market. That is 10% shorter than a year ago. There are 233 homes for sale in Duluth. That is 6.7 times the tightest month on record, but below the peak of 458. Supply is growing against last year.

What to do about it

• Start in 55812, 55811, and 55803, the least competitive corners of Duluth: in 55812, 24% of sellers have cut and listings spend a median 50 days on the market.
• Hunt listings older than 60 days. They are the soft targets left.
• Get financing approved and set your maximum price before you bid.

When do Duluth prices dip?

Across 9 full years, Duluth asking prices ran lowest in December, about 9.0% below the year's average. They peaked in April. The most homes for sale show up in August, about 37% above the yearly average. Shop in August for choice, and expect the softest asking prices in December.

Is now a good time to buy in Duluth?

The median asking price is 26.1% below its Apr 2026 peak. Per square foot the gap is smaller: 8.1% below the Apr 2024 high. Part of the drop is smaller homes coming to market. Prices stopped falling about a year ago. They are flat now. Waiting will not get you a cheaper house. It might still get you a more motivated seller. Duluth prices have risen in 95 of the last 111 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

If you plan to sell in the next two years, move it up. This much buyer demand does not last. Right now it does your negotiating for you.

How does Duluth compare with other Minnesota markets?

Ranked among the 12 Minnesota markets we track:

• Asking price: 6th priciest of 12. Duluth is at $398,917. Closest: Mankato and Rochester.
• Buyer competition: the most competitive of 11. Duluth is at 0.77 buyers per home. Closest: Shakopee.
• Time on market: 4th longest time on market of 12. Duluth is at a median of 44 days on market. Closest: Burnsville and Moorhead.
• Price cuts: 3rd fewest price cuts of 12. Duluth is at 20% of sellers cutting. Closest: Lakeville and Shakopee.

What numbers should you underwrite a Duluth deal with?

• Price growth to assume — +5.7%/yr. Duluth has grown about 7.0% a year for five years and for ten. That pace held before and after the 2020–2021 boom, so it is a fair long-run input. Prices rose 1.6% over the last year. Use it for timing. The five-year rate is the better guide.
• Competition when you exit — +48%. Homes for sale in Duluth are up 48% on last year, so your resale faces more competition than today's comps did.

Read how the pending ratio measures demand and how we read these numbers, then run the numbers on a deal.

What is the median home price in Duluth?

The median asking price in Duluth is about $399,000 as of Sep 2026, up 2.2% from a year ago. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Duluth figures cover the 11 ZIP codes with a Duluth mailing address, which can reach past city limits.

Is Duluth a buyer's or seller's market in 2026?

Sellers have more pull in Duluth than usual. We compare Duluth with 2017–2019 at this time of year: there are 33% fewer homes for sale; there are 77 pending sales per 100 listings, against 57 then; listings spend 18% fewer days on the market.

Are Duluth home prices going up or down?

The median asking price is 26.1% below its Apr 2026 peak. Per square foot the gap is smaller: 8.1% below the Apr 2024 high. Part of the drop is smaller homes coming to market. Prices stopped falling about a year ago. They are flat now. Waiting will not get you a cheaper house. It might still get you a more motivated seller.

What price growth should I assume for Duluth?

Assume +5.7% a year. Duluth has grown about 7.0% a year for five years and for ten. That pace held before and after the 2020–2021 boom, so it is a fair long-run input. Prices rose 1.6% over the last year. Use it for timing. The five-year rate is the better guide.

What is the fair market rent in Duluth?

HUD's fiscal year 2026 fair market rent for St. Louis County is $1,232 a month for 2 bedrooms and $1,689 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.