Is Lake Elmo, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Lake Elmo was a Seller's Market.
Key Takeaway
Lake Elmo is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lake Elmo, MN
How much do homes in Lake Elmo, MN cost?
Median Sold Price
$680,000
$220/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake Elmo have sold for 7.9% more than they did a year ago.
Summary: The median home sold price in Lake Elmo was $680,000 in March 2024, up 7.9% from last year, and the median price per square foot was $220.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $550K | $811.9K | +47.6% |
| 3 Bedrooms | $525K | $560K | +6.7% |
| 4 Bedrooms | $700.9K | $699.9K | -0.1% |
| 5+ Bedrooms | $806.7K | $877.5K | +8.8% |
Summary: Lake Elmo housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 47.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 8.8%.
Median Sold Price Compared To Nearby Cities
| Oakdale | $323K | $349.9K | +8.3% |
| Lake Elmo | $630K | $680K | +7.9% |
| Oak Park Heights | $360K | $339.9K | -5.6% |
| West Lakeland Township | $775K | $684.5K | -11.7% |
Housing Supply in Lake Elmo, MN
How many homes are available in Lake Elmo, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 88 | 104 | +18.2% |
Summary: The Lake Elmo real estate market had 104 homes for sale in March 2024, a 18.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 47 | 59 | +25.5% |
| 4 Bedrooms | 24 | 27 | +12.5% |
| 5+ Bedrooms | 15 | 16 | +6.7% |
Summary: The Lake Elmo 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 25.5%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 13 | -7.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Elmo, you may be able to get a good deal. 61.5% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Lake Elmo in March 2024, down by 7.1% month-over-month. Of the 13 sold homes, 62% were sold under asking, 0% were sold at asking, and 38% were sold over asking.
Days on Market for Lake Elmo, MN
How long does it take to sell a home in Lake Elmo, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 46 Days | 36 Days | -22.6% |
Summary: Homes in Lake Elmo had an average of 36 days on market in Mar 2024, down by 22.6% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Elmo are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 13 homes were sold in Lake Elmo; 62% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
