Published November 1, 2026 in Market Update

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

By Mike Raivala

Real estate, Primary market

Here is the one thing that changes what you should do right now. Realtor.com reported that active U.S. inventory rose 8.0% in the week ending October 24, 2026. In Duluth, the Real Estate Data Aggregator counted homes for sale doubling in two ZIP codes. More supply usually means less pressure. But in this market, homes are still selling in 11 to 16 days. That means pricing and preparation still matter.

What the inventory jump looks like here

The Real Estate Data Aggregator counted 76 homes for sale in ZIP 55811 during the three months ending August 31, 2026. That is up 100% from the same months of 2025. In ZIP 55803, homes for sale rose 54.2% to 37 homes. Both are big jumps. But the median days on market in 55811 was 16 days, and in 55803 it was 15 days. More choice did not mean a slower pace.

Speed: the market did not slow down

Even with more homes available, buyers moved quickly in most areas. The Real Estate Data Aggregator shows the median home in Superior (54880) sold in 13 days. That is 5 days faster than a year before. In 55804 Duluth, the median was 12 days, down 11 days from 2025. In 55807 Duluth, it was 11 days, down 6 days. Not every area was this fast, and I will come back to that.

Sellers: pricing still matters because buyers are watching

The Real Estate Data Aggregator counted 140 homes sold in 55811 during the three months ending August 31, 2026, up 33.3% from a year before. The median sale price there was $380,000, up 3%. In 55803, the median was $390,000, up 4%. Prices are holding, but the share of homes that sold above list price fell in both ZIP codes. In 55811 it dropped 13.1 points, and in 55803 it dropped 9.6 points. Buyers have a little more room to push back now.

Superior and Cloquet: worth watching

Superior (54880) stood out. The Real Estate Data Aggregator counted 137 homes sold there, up 13.2% from a year before. The median sale price was $255,000, up 2%. Inventory was unchanged from 2025. And 59.5% of homes went under contract within two weeks of listing, up 18.9 points. That is the highest two-week contract rate in this market. In Cloquet (55720), 52.8% of homes sold above list price, up 9.1 points, with a median of $278,250.

Where the market is slower: a plain admission

Not every area moved fast. The Real Estate Data Aggregator shows Iron River (54847) had a median of 83 days on market, up 45 days from 2025. No homes there sold above list price. Months of supply reached 5.8. Lake Nebagamon (54849) had a median of 61 days, and homes sold at 95.2% of list price on average. Silver Bay (55614) saw its median price dip 5.2% to $165,000, and its median days on market rose 19 days to 72. These areas take patience and careful pricing.

What national numbers add to the picture

Freddie Mac put the average 30-year fixed rate at 7.24% as of October 29, 2026. The 15-year averaged 6.60%. Realtor.com noted that mortgage rates surged above 7% for the first time since January 2025. That matters for buyers doing the math on monthly payments. The National Association of Realtors counted 3.99 million existing-home sales nationally in September 2026, with inventory at 1.60 million homes. National prices were up 1.3%. Our local market is moving faster than the national median of 64 days that Realtor.com reported for the week ending October 24, 2026.

What this means for you

For buyers, more inventory in Duluth and nearby areas means more to look at. But the Real Estate Data Aggregator shows that 43.5% of homes in 55811 went under contract within two weeks. In 55804, that share was 52.5%. Waiting does carry a cost in these ZIP codes. For sellers, prices are still up in most areas. But the share selling above list has dropped in several Duluth ZIP codes. Preparation and the right price still separate fast sales from long ones.