Duluth, MN-WI Federal Housing Finance Agency Home Price Index (FHFA HPI)

Duluth, MN-WI is a city located in the northeastern part of Minnesota. The city has a population of 86,265 and is the second largest city in Minnesota. The median home value in Duluth is $144,700, which is lower than the national median home value of $181,200. The median list price per square foot in Duluth is $105, which is also lower than the national median of $119.

The housing market in Duluth has been affected by the overall decrease in home values across the United States. However, Duluth has not been as affected as other areas of the country. The average sale price of a home in Duluth decreased by 3.4% from 2007 to 2008. However, this is not as drastic as the decrease seen in other parts of the country. For example, Las Vegas saw a decrease of 30% during this same time period.

The reason that Duluth has not been hit as hard by the housing crisis is because it is not as reliant on subprime mortgages as other parts of the country. In fact, only 2% of all mortgages in Duluth are subprime loans compared to 11% nationwide. This means that there are fewer foreclosures and defaults in Duluth than there are elsewhere.

Despite this relative stability, there are still concerns about the future of the housing market in Duluth. One worry is that job losses could lead to more foreclosures and defaults on mortgages. Another concern is that baby boomers will begin to downsize and move out of their homes, leading to a decrease in demand for housing overall