Is Lake Elmo, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lake Elmo has remained a Seller's Market.
Housing Prices in Lake Elmo, MN
How much do homes in Lake Elmo, MN cost?
Median Sold Price
$680,000
$221/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lake Elmo was $680,000 in May 2024, up 5.9% from last year, and the median price per square foot was $221.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $575K | $660K | +14.8% |
3 Bedrooms | $476K | $560K | +17.6% |
4 Bedrooms | $715.5K | $702.4K | -1.8% |
5+ Bedrooms | $806.7K | $871.9K | +8.1% |
Summary: Lake Elmo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 14.8%, 3 bedroom homes increased by 17.6%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 8.1%.
Median Sold Price Compared To Nearby Cities
Oakdale | $330K | $349.9K | +6.0% |
Lake Elmo | $642K | $680K | +5.9% |
West Lakeland Township | $699.5K | $699.9K | 0.1% |
Housing Supply in Lake Elmo, MN
How many homes are available in Lake Elmo, MN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
100 | 106 | +6.0% |
Summary: The Lake Elmo real estate market had 106 homes for sale in May 2024, a 6.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 2 | 1 | -50.0% |
3 Bedrooms | 54 | 58 | +7.4% |
4 Bedrooms | 27 | 28 | +3.7% |
5+ Bedrooms | 17 | 19 | +11.8% |
Summary: The Lake Elmo 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 decreased by 50%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 11.8%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
20 | 25 | +25.0% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 25 homes were sold or pending in Lake Elmo in May 2024, up by 25.0% month-over-month. Of the 25 sold homes, 56% were sold under asking, 24% were sold at asking, and 20% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
57 Days | 41 Days | -29.0% |
Summary: Homes in Lake Elmo had an average of 41 days on market in May 2024, down by 29% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 25 homes were sold in Lake Elmo; 60% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.