Published October 25, 2026 in Market Update

More homes are hitting the market, but many still move fast

By Mike Raivala

Real estate, Primary market

The one number that changes what you should do right now: the National Association of Realtors counted 1.60 million homes for sale nationally in September 2026. More supply means buyers have more options. It also means sellers cannot assume every home will fly off the market. Pricing and preparation matter more than they did a year ago.

These numbers cover the three months ending August 31, 2026. They come from the Real Estate Data Aggregator for each ZIP code in this market.

Inventory doubled in parts of Duluth

The Real Estate Data Aggregator counted 76 homes for sale in ZIP 55811, double the count from the same period in 2025. That is the biggest inventory jump in this market. ZIP 55812 also doubled, to 24 homes for sale. ZIP 54859 in Minong grew by 107.1%, to 29 homes.

More supply is good news for buyers who have felt squeezed. But the Real Estate Data Aggregator also shows that 43.5% of homes in ZIP 55811 went under contract within two weeks of listing. In ZIP 55804, that share was 52.5%. In ZIP 54873 in Solon Springs, it was 60%. More homes on the market does not mean slow markets everywhere.

How fast homes moved, ZIP by ZIP

Not every ZIP moved at that pace. The Real Estate Data Aggregator put the median days on market at 83 days in ZIP 54847 in Iron River, and 72 days in ZIP 55614 in Silver Bay. In Iron River, days on market grew 45 days longer than the same period in 2025. Those are real gaps from the fast-moving ZIPs.

Where prices landed

Prices held up in most ZIPs. The Real Estate Data Aggregator showed ZIP 55812 in Duluth up 8% year over year, to $409,950. ZIP 54873 in Solon Springs rose 55.2%, to $360,000. Two ZIPs did see prices dip: ZIP 55614 in Silver Bay fell 5.2% to $165,000, and ZIP 55804 in Duluth slipped 2.2% to $400,000. Prices do not move in one direction everywhere.

Sellers: what the sale-to-list ratio tells you

The Real Estate Data Aggregator put the average sale-to-list ratio at 104.1% in ZIP 54864 in Poplar, and 101.6% in ZIP 55720 in Cloquet. Those homes sold above their asking price on average. In ZIP 55614 in Silver Bay, the ratio was 94%, meaning sellers accepted less than they asked. That gap matters when you are picking a list price.

The national picture adds context

The National Association of Realtors reported existing-home sales of 3.99 million units in September 2026. Prices nationally were up 1.3% from a year before, according to the National Association of Realtors. Freddie Mac put the average 30-year fixed rate at 7.32% as of October 22, 2026. Realtor.com reported an average mortgage rate of 7.40% as of October 22, 2026. Rates at that level add real cost to a monthly payment and are part of why some buyers are moving carefully.

Supply is up, but months of supply stays low in most ZIPs

Even with more homes listed, the Real Estate Data Aggregator shows months of supply at 1.2 months in ZIP 55807 in Duluth and 0.7 months in ZIP 55718 in Carlton. Those are very tight. ZIP 54847 in Iron River sat at 5.8 months, and ZIP 55734 in Eveleth reached 7.6 months. Those ZIPs have more room to negotiate.

One street can read very differently from the ZIP code around it. A home on one block may move in days while a similar home nearby sits for weeks. The numbers above are a real picture of this market, but your specific address, condition and price point shape what happens to your home.