$7,361 Closing Credit*
$619,900
2,642 SqFt
3 Beds
•2 Full Baths
Listing Office: New Home Star
Is Lake Elmo, 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 Elmo has remained a Seller's Market.
Key Takeaway
Lake Elmo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Elmo, MN
How much do homes in Lake Elmo, MN cost?
Median Sold Price
$672,950
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$33,050(+5.2%)
Key Takeaway
Homes in Lake Elmo have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in Lake Elmo was $672,950 in October 2024, up 5.2% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $863.8K | $560K | -35.2% |
| 3 Bedrooms | $459.6K | $594.9K | +29.4% |
| 4 Bedrooms | $699.9K | $707.9K | +1.2% |
| 5+ Bedrooms | $890.4K | $850K | -4.5% |
Summary: Lake Elmo housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 35.2%, 3 bedroom homes increased by 29.4%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes decreased by 4.5%.
Median Sold Price Compared To Nearby Cities
| Lake Elmo | $639.9K | $672.9K | +5.2% |
| Oakdale | $335K | $340K | +1.5% |
| Oak Park Heights | $349.9K | $323.4K | -7.6% |
Housing Supply in Lake Elmo, MN
How many homes are available in Lake Elmo, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 95 | 104 | +9.5% |
Summary: The Lake Elmo real estate market had 104 homes for sale in October 2024, a 9.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 52 | 56 | +7.7% |
| 4 Bedrooms | 25 | 28 | +12.0% |
| 5+ Bedrooms | 17 | 19 | +11.8% |
Summary: The Lake Elmo housing inventory by bedroom type for October 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 7.7%, 4 bedroom homes increased by 12%, and 5+ bedroom homes increased by 11.8%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 14 | 22 | +57.1% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Elmo, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Lake Elmo in October 2024, up by 57.1% month-over-month. Of the 22 sold homes, 55% were sold under asking, 14% were sold at asking, and 32% were sold over asking.
Days on Market for Lake Elmo, MN
How long does it take to sell a home in Lake Elmo, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 64 Days | 43 Days | -32.9% |
Summary: Homes in Lake Elmo had an average of 43 days on market in Oct 2024, down by 32.9% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Elmo are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 22 homes were sold in Lake Elmo; 59% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
