Is Lake County, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Lake County has remained a Seller's Market.
Key Takeaway
Lake County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake County, MN
How much do homes in Lake County, MN cost?
Median Sold Price
$225,000
$135/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Lake County have sold for 40% less than they did a month ago.
Summary: The median home sold price in Lake County was $225,000 in March 2024, down 40% from last month, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $328K | $177K | -46.0% |
| 3 Bedrooms | $575K | $262.5K | -54.3% |
| 4 Bedrooms | $290K | $159.9K | -44.9% |
| 5+ Bedrooms | - | $520K | N/A |
Summary: Lake County housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 46%, 3 bedroom homes decreased by 54.3%, 4 bedroom homes decreased by 44.9%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Counties
| Cook County | $250K | $365K | +46.0% |
| Lake County | $375K | $225K | -40.0% |
Housing Supply in Lake County, MN
How many homes are available in Lake County, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 44 | 45 | +2.3% |
Summary: The Lake County real estate market had 45 homes for sale in March 2024, a 2.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 13 | 13 | 0.0% |
| 3 Bedrooms | 21 | 22 | +4.8% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Lake County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.8%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 12 | +50.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake County, you may be able to get a good deal. 63.6% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Lake County in March 2024, up by 50.0% month-over-month. Of the 11 sold homes, 64% were sold under asking, 27% were sold at asking, and 9% were sold over asking.
Days on Market for Lake County, MN
How long does it take to sell a home in Lake County, MN?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 68 Days | 75 Days | +9.7% |
Summary: Homes in Lake County had an average of 75 days on market in Mar 2024, up by 9.7% compared to last month.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in Lake County; 42% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 42% of homes were sold over 90 days.
