Lake County Housing Market Report February 2025•Lake County, Minnesota

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Housing Prices in Lake County, MN

How much do homes in Lake County, MN cost?

Housing Market Conditions

Is Lake County, MN a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Lake County is a Seller's Market

Difference Since January 2025

Last month, Lake County has remained a Seller's Market.

Insight

Lake County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$487,500$178/SqFt
+$262,500
+116.7%

Based on all homes sold in February 2025

Insight

Homes in Lake County have sold for 116.7% more than they did a month ago.

Summary: The median home sold price in Lake County was $487,500 in February 2025, up 116.7% from last month, and the median price per square foot was $178.

Median Sold Price By Counties

Median Sold Price By Counties
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange MoM
Lake County
+116.7%
Saint Louis County
+8.5%
Cook County
-44.3%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2025Feb 2025Change MoM
1$150K$118K
-21.3%
2$210K$175K
-16.7%
3$365K$332.5K
-8.9%
4$302K$3.6M
+1100.3%
5-$636.1K
N/A

Summary: Lake County housing price by bedroom type for February 2025, compared to the previous month. The home price for 1 bedroom homes decreased by -21.3%. The home price for 2 bedroom homes decreased by -16.7%. The home price for 3 bedroom homes decreased by -8.9%. The home price for 4 bedroom homes increased by +1100.3%. The home price for 5 bedroom homes did not change.

How does Lake County, MN compare with other places?

Market comparison tool

Data and numbers shown are subject to change and may vary based on different timeframes.

Lake County, MN

Housing supply in Lake County, MN

How many homes are available in Lake County, MN?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
44Last MonthFeb 2025
522 months agoJan 2025
-15.4 %
Change MoMJan – Feb

Summary: The Lake County real estate market had 44 homes for sale in Feb 2025, a 15.4 % decrease compared to Jan 2025.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
11Last MonthFeb 2025
132 months agoJan 2025
-15.4 %
Change MoMJan – Feb

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsJan 2025Feb 2025Change MoM
123
+50.0%
21611
-31.3%
31818
0.0%
4128
-33.3%
544
0.0%

Summary: Lake County housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +50.0%. The inventory for 2 bedroom homes decreased by -31.3%. The inventory for 3 bedroom homes remained the same. The inventory for 4 bedroom homes decreased by -33.3%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in Lake County, MN cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price0 Home

At Asking Price2 Homes

Under Asking Price8 Homes

Insight

If you're buying a home in Lake County, you may be able to get a good deal. 80% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in Lake County in February 2025, down by 15.4% month-over-month. Of the 10 sold homes, 80% were sold under asking, 20% were sold at asking, and and 0% were sold over asking.

Days on Market for Lake County, MN

How long does it take to sell a home in Lake County, MN?

Breakdown of Home Sale Times

Under 30 Days4 Homes

30 – 90 Days3 Homes

Over 90 Days4 Homes

Insight

Many homes in Lake County are selling fast, if you're buying plan to act quickly.

Summary: During February 2025, 11 homes were sold in Lake County; 36% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 36% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
Last Month1 month agoChange MoM
99 DaysLast MonthFeb 2025
60 Days1 month agoJan 2025
+64.6 %
Change MoMJan – Feb

Summary: Homes in Lake County had an average listing age of 99 days in Feb 2025, up by 64.6% compared to the previous month.

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Newest Listings in Lake County, MN

What homes are available in Lake County, MN?

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Nearby markets

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MLS Disclaimers and Copyright

Based on information from Lake Superior Area MLS, and NorthStar of Minnesota / Regional Multiple Listing Service of Minnesota Inc. for the period 01/01/2025 - 03/01/2025

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. Information is supplied by seller and other third parties and has not been verified. ©2025 Lake Superior Area REALTORS® MLS - All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/13/2025, 4:20:52 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some or all of the property listings above may have been submitted to the Regional Multiple Listing Service (RMLS) by the listing broker for distribution to cooperating brokers through Broker reciprocity. Attribution of the listing broker may be found on the detail page for all properties. The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/13/2025, 4:22:51 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.