Is Long Lake, 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, Long Lake has remained a Seller's Market.
Key Takeaway
Long Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Long Lake, MN
How much do homes in Long Lake, MN cost?
Median Sold Price
$575,000
$232/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Long Lake have sold for 15.4% less than they did a year ago.
Summary: The median home sold price in Long Lake was $575,000 in April 2024, down 15.4% from last year, and the median price per square foot was $232.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $425K | $325K | -23.5% |
| 3 Bedrooms | $432.5K | $485K | +12.1% |
| 4 Bedrooms | $700K | $724.5K | +3.5% |
| 5+ Bedrooms | $1.3M | $1.1M | -21.1% |
Summary: Long Lake 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 decreased by 23.5%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes decreased by 21.1%.
Median Sold Price Compared To Nearby Cities
| Long Lake | $680K | $575K | -15.4% |
| Orono | $1.1M | $900K | -19.1% |
Housing Supply in Long Lake, MN
How many homes are available in Long Lake, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 40 | 55 | +37.5% |
Summary: The Long Lake real estate market had 55 homes for sale in April 2024, a 37.5% 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 | 2 | 2 | 0.0% |
| 3 Bedrooms | 20 | 25 | +25.0% |
| 4 Bedrooms | 9 | 11 | +22.2% |
| 5+ Bedrooms | 9 | 17 | +88.9% |
Summary: The Long Lake 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 remained the same, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 88.9%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 9 | 11 | +22.2% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Long Lake, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Long Lake in April 2024, up by 22.2% month-over-month. Of the 11 sold homes, 55% were sold under asking, 18% were sold at asking, and 27% were sold over asking.
Days on Market for Long Lake, MN
How long does it take to sell a home in Long Lake, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 39 Days | 24 Days | -38.2% |
Summary: Homes in Long Lake had an average of 24 days on market in Apr 2024, down by 38.2% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Long Lake are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 11 homes were sold in Long Lake; 91% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
