Is Lakeville, 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, Lakeville has remained a Seller's Market.
Housing Prices in Lakeville, MN
How much do homes in Lakeville, MN cost?
Median Sold Price
$480,140
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Lakeville was $480,140 in March 2024, up 1.1% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $207.5K | - | N/A |
2 Bedrooms | $300K | $302K | +0.7% |
3 Bedrooms | $385K | $404.5K | +5.1% |
4 Bedrooms | $498.4K | $513.3K | +3.0% |
5+ Bedrooms | $627.5K | $610.9K | -2.7% |
Summary: Lakeville 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 0.7%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 3%, and 5+ bedroom homes decreased by 2.7%.
Median Sold Price Compared To Nearby Cities
Credit River Township | $685K | $875K | +27.7% |
Apple Valley | $350K | $366K | +4.6% |
Burnsville | $350.1K | $360.5K | +3.0% |
Lakeville | $474.7K | $480.1K | +1.1% |
Farmington | $375.6K | $375.5K | 0% |
Housing Supply in Lakeville, MN
How many homes are available in Lakeville, MN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
351 | 414 | +17.9% |
Summary: The Lakeville real estate market had 414 homes for sale in March 2024, a 17.9% 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 | 36 | 35 | -2.8% |
3 Bedrooms | 107 | 140 | +30.8% |
4 Bedrooms | 128 | 141 | +10.2% |
5+ Bedrooms | 80 | 98 | +22.5% |
Summary: The Lakeville 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 2.8%, 3 bedroom homes increased by 30.8%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes increased by 22.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
56 | 101 | +80.4% |
Asking Price vs. Sold Price
41 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
38 Homes Were Sold
Over Asking
Summary: A total of 101 homes were sold or pending in Lakeville in March 2024, up by 80.4% month-over-month. Of the 101 sold homes, 41% were sold under asking, 22% were sold at asking, and 38% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
40 Days | 34 Days | -14.9% |
Summary: Homes in Lakeville had an average of 34 days on market in Mar 2024, down by 14.9% compared to last year.
Breakdown of Home Sale Times
68 Homes Were Sold
Under 30 Days
19 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Summary: During March 2024, 101 homes were sold in Lakeville; 67% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.