$4,691 Closing Credit*
$395,000
2,864 SqFt
3 Beds
•3 Full Baths
Listing Office: Edina Realty, Inc.
Is Lake City, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Lake City has remained a Seller's Market.
Key Takeaway
Lake City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake City, MN
How much do homes in Lake City, MN cost?
Median Sold Price
$307,000
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$12,000(+4.1%)
Key Takeaway
Homes in Lake City have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in Lake City was $307,000 in October 2024, up 4.1% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $272.5K | $289K | +6.1% |
| 2 Bedrooms | $279.9K | $261.5K | -6.6% |
| 3 Bedrooms | $270K | $303K | +12.2% |
| 4 Bedrooms | $360K | $410K | +13.9% |
| 5+ Bedrooms | $412.5K | $405K | -1.8% |
Summary: Lake City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.1%, 2 bedroom homes decreased by 6.6%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 13.9%, 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
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 41 | 47 | +14.6% |
Summary: The Lake City real estate market had 47 homes for sale in October 2024, a 14.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 9 | 12 | +33.3% |
| 3 Bedrooms | 16 | 15 | -6.3% |
| 4 Bedrooms | 13 | 15 | +15.4% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Lake City housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 8 | 12 | +50.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake City, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Lake City in October 2024, up by 50.0% month-over-month. Of the 12 sold homes, 67% were sold under asking, 25% were sold at asking, and 8% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 10 Days | 49 Days | +367.2% |
Summary: Homes in Lake City had an average of 49 days on market in Oct 2024, up by 367.2% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 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 October 2024, 12 homes were sold in Lake City; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
