Is Lake Park, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Lake Park has remained a Buyer's Market.
Key Takeaway
Lake Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lake Park, MN
How much do homes in Lake Park, MN cost?
Median Sold Price
$274,500
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake Park have sold for 26.6% less than they did a year ago.
Summary: The median home sold price in Lake Park was $274,500 in March 2024, down 26.6% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $282K | - | N/A |
| 2 Bedrooms | $280K | $217K | -22.5% |
| 3 Bedrooms | $374K | $280K | -25.1% |
| 4 Bedrooms | $460K | $270.7K | -41.1% |
| 5+ Bedrooms | $680K | $395K | -41.9% |
Summary: Lake Park 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 decreased by 22.5%, 3 bedroom homes decreased by 25.1%, 4 bedroom homes decreased by 41.1%, and 5+ bedroom homes decreased by 41.9%.
Median Sold Price Compared To Nearby Cities
| Lake Park | $374K | $274.5K | -26.6% |
| Lake Park Township | $399.5K | $274.5K | -31.3% |
Housing Supply in Lake Park, MN
How many homes are available in Lake Park, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 17 | 17 | 0.0% |
Summary: The Lake Park real estate market had 17 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 2 | -50.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Lake Park 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 decreased by 50%, 3 bedroom homes increased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Park, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 2 homes were sold or pending in Lake Park in March 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Lake Park, MN
How long does it take to sell a home in Lake Park, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 96 Days | 28 Days | -70.8% |
Summary: Homes in Lake Park had an average of 28 days on market in Mar 2024, down by 70.8% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Park are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 2 homes were sold in Lake Park; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
