$4,275 Closing Credit*
$360,000
800 SqFt
2 Beds
•1 Bath
Listing Office: RE/MAX Northland
Is Bay Lake Township, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2023
At the same time last year, Bay Lake Township was a Seller's Market.
Key Takeaway
Bay Lake Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Bay Lake Township, MN
How much do homes in Bay Lake Township, MN cost?
Median Sold Price
$402,500
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
-$47,500(-10.6%)
Key Takeaway
Homes in Bay Lake Township have sold for 10.6% less than they did a year ago.
Summary: The median home sold price in Bay Lake Township was $402,500 in August 2024, down 10.6% from last year, and the median price per square foot was $258.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $330K | $288.4K | -12.6% |
| 2 Bedrooms | $507K | $287.5K | -43.3% |
| 3 Bedrooms | $485K | $380K | -21.6% |
| 4 Bedrooms | $327.5K | $1.0M | +224.4% |
| 5+ Bedrooms | $1.8M | $925K | -49.7% |
Summary: Bay Lake Township housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12.6%, 2 bedroom homes decreased by 43.3%, 3 bedroom homes decreased by 21.6%, 4 bedroom homes increased by 224.4%, and 5+ bedroom homes decreased by 49.7%.
Median Sold Price Compared To Nearby Cities
| Farm Island Township | $386.6K | $437.5K | +13.2% |
| Deerwood Township | $325K | $332.4K | +2.3% |
| Bay Lake Township | $450K | $402.5K | -10.6% |
| Hazelton Township | $509K | $376.2K | -26.1% |
Housing Supply in Bay Lake Township, MN
How many homes are available in Bay Lake Township, MN?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 13 | 20 | +53.8% |
Summary: The Bay Lake Township real estate market had 20 homes for sale in August 2024, a 53.8% increase compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 6 | 0.0% |
| 3 Bedrooms | 6 | 9 | +50.0% |
| 4 Bedrooms | 1 | 4 | +300.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Bay Lake Township housing inventory by bedroom type for August 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 50%, 4 bedroom homes increased by 300%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 1 | 3 | +200.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bay Lake Township, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Bay Lake Township in August 2024, up by 200.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Bay Lake Township, MN
How long does it take to sell a home in Bay Lake Township, MN?
Average Sale Time
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 106 Days | 18 Days | -83.1% |
Summary: Homes in Bay Lake Township had an average of 18 days on market in Aug 2024, down by 83.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bay Lake Township are selling fast, if you're buying plan to act quickly.
Summary: During August 2024, 3 homes were sold in Bay Lake Township; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
