Is Lake Elmo, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake Elmo is a neutral's market

Buyer's
Market

Difference Since October 2020

At the same time last year, Lake Elmo was a Seller's Market.

Key Takeaway

Lake Elmo is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

How much do homes in Lake Elmo, MN cost?

Median Sold Price

$552,354

$193/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2020

+$53,954(+10.8%)

Key Takeaway

Homes in Lake Elmo have sold for 10.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSOct 2020Oct 2021%
1 $450K-
N/A
2 $432.5K$500K
+15.6%
3 $472.7K$503.5K
+6.5%
4 $500.8K$577.9K
+15.4%
5+ $654.7K$677.4K
+3.5%

Median Sold Price Compared To Nearby Cities

West Lakeland Township
+24.1%
Oakdale
+18.6%
Oak Park Heights
+13.2%
Lake Elmo
+10.8%

How many homes are available in Lake Elmo, MN?

Number of Homes For Sale

Sep 2021Oct 2021%
104110+5.8%

Homes For Sale By Bedroom Count

# BEDSSep 2021Oct 2021%
1 00
0.0%
2 64
-33.3%
3 4151
+24.4%
4 3331
-6.1%
5+ 2424
0.0%

Number of Homes Sold

Sep 2021Oct 2021%
2618-30.8%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Elmo, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.

Average Sale Time

Oct 2020Oct 2021%
72 Days29 Days-59.3%

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lake Elmo are selling fast, if you're buying plan to act quickly.

About Lake Elmo, MN

There are 110 homes are for sale in Lake Elmo, MN real estate market. Between September 2021 and October 2021, Lake Elmo, MN real estate market has seen increase in the number of listings by 5.8%. In October 2021 median list price was $552,354 and the average listing age was 29 days. Between September 2021 and October 2021, listing prices of homes in this real estate market have seen the following changes: prices of 1 bedroom properties went up by 0%, the cost of 2 bedrooms properties went up by 15.6%, 3 bedrooms properties became 6.5% more expensive, the cost of 4 bedrooms properties went up by 15.4%, 5 bedrooms properties prices increased by 3.5%. Housing inventory have changed in this real estate market: volume of 1 bedroom homes stayed the same, the quantity of 2 bedrooms homes went down by 33.3%, the quantity of 3 bedrooms homes went up by 24.4%, 4 bedrooms homes became 6.1% less available, 5 bedrooms homes did not move. While more than 8 listings in Lake Elmo, MN in October 2021 were sold above asking price, there were more than 6 listings sold at asking price, and more than 4 were sold below.

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