$55,900
5.00 Acres
Land
Loren Johnston, Listing Office: Lewis & Clark Real Estate
Is Lake No. 2, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Lake No. 2 was a Buyer's Market.
Key Takeaway
Lake No. 2 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake No. 2, MN
How much do homes in Lake No. 2, MN cost?
Median Sold Price
$225,000
$292/sqft
Based on all homes sold in October 2024.
Difference Since Last Month
-$430,000(-65.6%)
Key Takeaway
Homes in Lake No. 2 have sold for 65.6% less than they did a month ago.
Summary: The median home sold price in Lake No. 2 was $225,000 in October 2024, down 65.6% from last month, and the median price per square foot was $292.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $210K | N/A |
| 2 Bedrooms | - | $225K | N/A |
| 3 Bedrooms | - | $370K | N/A |
| 4 Bedrooms | $655K | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Lake No. 2 housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Silver Creek Township | $175K | $750K | +328.6% |
| Two Harbors | $215.5K | $350K | +62.4% |
| Lake No. 2 | $655K | $225K | -65.6% |
Housing Supply in Lake No. 2, MN
How many homes are available in Lake No. 2, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 16 | 18 | +12.5% |
Summary: The Lake No. 2 real estate market had 18 homes for sale in October 2024, a 12.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 7 | 8 | +14.3% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Lake No. 2 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 increased by 40%, 3 bedroom homes increased by 14.3%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1 | 5 | +400.0% |
Asking Price vs. Sold Price
1 Home Was 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 No. 2, expect to pay close to the asking price. 60% of homes here sold near the asking price last month.
Summary: A total of 5 homes were sold or pending in Lake No. 2 in October 2024, up by 400.0% month-over-month. Of the 5 sold homes, 20% were sold under asking, 60% were sold at asking, and 20% were sold over asking.
Days on Market for Lake No. 2, MN
How long does it take to sell a home in Lake No. 2, MN?
Average Sale Time
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 Days | 6 Days | -48.3% |
Summary: Homes in Lake No. 2 had an average of 6 days on market in Oct 2024, down by 48.3% compared to last month.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake No. 2 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 5 homes were sold in Lake No. 2; 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.
