Orono is located on the north shore of Lake Minnetonka. It is a total area of 25 square miles and a population of 7,437 people.
From May of 2015 to May of 2016 this is the most up to date information on what is happening in the Orono Real Estate Market. Statistics offered by the Minneapolis Area Association of Realtors.
| 2015 | 2016 | +/- | |
| New Listings | 155 | 149 | -3.9% |
| Closed Sales | 65 | 71 | +9.2% |
| Median Sales Price | $475,000 | $555,000 | +16.8% |
| Days on the market | 193 | 131 | -32.1% |
| Months Supply of Inventory | 9.1 | 7.4 | -18.7% |
What this means for you if you’re selling your home:
- Sales price for homes are up roughly $80,000, it’s a good time to sell your home if you live in Orono! Days on market are down 32% and the inventory is low.
- Orono sale prices are much higher than the rest of the metro, which explains why they tend to be on the market a little longer than the rest of the metro.
- You’ll likely hear news about how it’s a hot seller’s market. In the rest of the metro area, that is largely true. However in Orono, it’s a very balanced market. When the months of inventory are around 5, that means there is just enough homes on the market to keep a healthy tug of war between buyers and sellers.
See more Statistics on Orono Real Estate Here
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