Is Lake City, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lake City was a Seller's Market.
Housing Prices in Lake City, MN
How much do homes in Lake City, MN cost?
Median Sold Price
$295,000
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lake City was $295,000 in May 2024, the same as last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $266K | $270K | +1.5% |
2 Bedrooms | $269.9K | $288.9K | +7.1% |
3 Bedrooms | $262.5K | $275K | +4.8% |
4 Bedrooms | $362.5K | $375K | +3.4% |
5+ Bedrooms | $405K | $295K | -27.2% |
Summary: Lake City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.5%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes decreased by 27.2%.
Housing Supply in Lake City, MN
How many homes are available in Lake City, MN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
22 | 31 | +40.9% |
Summary: The Lake City real estate market had 31 homes for sale in May 2024, a 40.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 2 | 8 | +300.0% |
3 Bedrooms | 10 | 11 | +10.0% |
4 Bedrooms | 9 | 10 | +11.1% |
5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Lake City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 300%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
9 | 1 | -88.9% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 1 homes were sold or pending in Lake City in May 2024, down by 88.9% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
55 Days | 8 Days | -85.5% |
Summary: Homes in Lake City had an average of 8 days on market in May 2024, down by 85.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 1 homes were sold in Lake City; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.