$3,444 Closing Credit*
$290,000
1,271 SqFt
3 Beds
•1 Full Bath
Listing Office: Ben Olsen Realty LLC
Is Lake City, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Lake City was a Seller's Market.
Key Takeaway
Lake City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lake City, MN
How much do homes in Lake City, MN cost?
Median Sold Price
$297,950
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$5,450(+1.9%)
Key Takeaway
Homes in Lake City have sold for 1.9% more than they did a year ago.
Summary: The median home sold price in Lake City was $297,950 in November 2024, up 1.9% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $272.5K | $284.5K | +4.4% |
| 2 Bedrooms | $279.9K | $261.5K | -6.6% |
| 3 Bedrooms | $275K | $297.9K | +8.3% |
| 4 Bedrooms | $345K | $407.5K | +18.1% |
| 5+ Bedrooms | $412.5K | $405K | -1.8% |
Summary: Lake City housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.4%, 2 bedroom homes decreased by 6.6%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 18.1%, and 5+ bedroom homes decreased by 1.8%.
Housing Supply in Lake City, MN
How many homes are available in Lake City, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 43 | 36 | -16.3% |
Summary: The Lake City real estate market had 36 homes for sale in November 2024, a 16.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 11 | 8 | -27.3% |
| 3 Bedrooms | 13 | 12 | -7.7% |
| 4 Bedrooms | 14 | 13 | -7.1% |
| 5+ Bedrooms | 2 | 0 | -100.0% |
Summary: The Lake City housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 27.3%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes decreased by 7.1%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 13 | 3 | -76.9% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake City, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.
Summary: A total of 3 homes were sold or pending in Lake City in November 2024, down by 76.9% month-over-month. Of the 3 sold homes, 33% were sold under asking, 67% were sold at asking, and 0% were sold over asking.
Days on Market for Lake City, MN
How long does it take to sell a home in Lake City, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 27 Days | 24 Days | -9.8% |
Summary: Homes in Lake City had an average of 24 days on market in Nov 2024, down by 9.8% 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 Lake City are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 3 homes were sold in Lake City; 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.
