Is Lakeville, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Lakeville has remained a Seller's Market.
Key Takeaway
Lakeville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lakeville, MN
How much do homes in Lakeville, MN cost?
Median Sold Price
$485,007
$198/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lakeville have sold for 4.2% more than they did a year ago.
Summary: The median home sold price in Lakeville was $485,007 in April 2024, up 4.2% from last year, and the median price per square foot was $198.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $207.5K | - | N/A |
| 2 Bedrooms | $293.5K | $310K | +5.6% |
| 3 Bedrooms | $385K | $409.4K | +6.4% |
| 4 Bedrooms | $496.7K | $515K | +3.7% |
| 5+ Bedrooms | $634.9K | $610.4K | -3.9% |
Summary: Lakeville housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes decreased by 3.9%.
Median Sold Price Compared To Nearby Cities
| Credit River Township | $685K | $872.4K | +27.4% |
| Apple Valley | $350K | $365.8K | +4.5% |
| Burnsville | $350K | $365K | +4.3% |
| Lakeville | $465.6K | $485K | +4.2% |
| Farmington | $375K | $385K | +2.7% |
Housing Supply in Lakeville, MN
How many homes are available in Lakeville, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 403 | 454 | +12.7% |
Summary: The Lakeville real estate market had 454 homes for sale in April 2024, a 12.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 34 | 38 | +11.8% |
| 3 Bedrooms | 126 | 149 | +18.3% |
| 4 Bedrooms | 141 | 145 | +2.8% |
| 5+ Bedrooms | 102 | 122 | +19.6% |
Summary: The Lakeville housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 18.3%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 19.6%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 109 | 86 | -21.1% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
25 Homes Were Sold
At Asking
35 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lakeville, you could pay more than the asking price. 40.7% of homes here sold above asking price last month.
Summary: A total of 86 homes were sold or pending in Lakeville in April 2024, down by 21.1% month-over-month. Of the 86 sold homes, 30% were sold under asking, 29% were sold at asking, and 41% were sold over asking.
Days on Market for Lakeville, MN
How long does it take to sell a home in Lakeville, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 35 Days | 32 Days | -8.6% |
Summary: Homes in Lakeville had an average of 32 days on market in Apr 2024, down by 8.6% compared to last year.
Breakdown of Home Sale Times
61 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lakeville are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 86 homes were sold in Lakeville; 71% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
