Lake Elmo Housing Market Report May 2025•Washington County, Minnesota

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Housing Prices in Lake Elmo, MN

How much do homes in Lake Elmo, MN cost?

Housing Market Conditions

Is Lake Elmo, 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 Elmo is a Seller's Market

Difference Since May 2024

Since last year, Lake Elmo has remained a Seller's Market.

Insight

Lake Elmo 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.
$648,221$220/SqFt
-$36,529
-5.3%

Based on all homes sold in the last 12 months

Insight

Homes in Lake Elmo have sold for 5.3% less than they did a year ago.

Summary: The median home sold price in Lake Elmo was $648,221 in May 2025, down 5.3% from last year, and the median price per square foot was $220.

Median Sold Price By Cities

Median Sold Price By Cities
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 YoY
West Lakeland Township
+14.3%
Lake Elmo
-5.3%
Oakdale
-12.4%

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.
BedsMay 2024May 2025Change YoY
1--
N/A
2$660K$560K
-15.2%
3$565K$580K
+2.7%
4$699.9K$700.4K
0.1%
5$868.8K$958.5K
+10.3%

Summary: Lake Elmo housing price by bedroom type for May 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes decreased by -15.2%. The home price for 3 bedroom homes increased by +2.7%. The home price for 4 bedroom homes increased by 0.1%. The home price for 5 bedroom homes increased by +10.3%.

How does Lake Elmo, MN compare with other places?

Market comparison tool

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

Lake Elmo, MN

Housing supply in Lake Elmo, MN

How many homes are available in Lake Elmo, 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
82Last MonthMay 2025
662 months agoApr 2025
+24.2 %
Change MoMApr – May

Summary: The Lake Elmo real estate market had 82 homes for sale in May 2025, a 24.2 % increase compared to Apr 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
15Last MonthMay 2025
142 months agoApr 2025
+7.1 %
Change MoMApr – May

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.
BedsApr 2025May 2025Change MoM
100
0.0%
224
+100.0%
32631
+19.2%
41925
+31.6%
51922
+15.8%

Summary: Lake Elmo housing inventory by bedroom type for May 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes increased by +100.0%. The inventory for 3 bedroom homes increased by +19.2%. The inventory for 4 bedroom homes increased by +31.6%. The inventory for 5 bedroom homes increased by +15.8%.

Asking Price vs. Sold Price

How much do homes in Lake Elmo, 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 Price3 Homes

At Asking Price5 Homes

Under Asking Price7 Homes

Insight

If you're buying a home in Lake Elmo, you may be able to get a good deal. 46.7% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Lake Elmo in May 2025, up by 7.1% month-over-month. Of the 15 sold homes, 47% were sold under asking, 33% were sold at asking, and 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?

Breakdown of Home Sale Times

Under 30 Days13 Homes

30 – 90 Days1 Home

Over 90 Days1 Home

Insight

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

Summary: During May 2025, 15 homes were sold in Lake Elmo; 87% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 7% 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.
This Year1 year agoChange YoY
18 DaysThis YearMay 2025
41 Days1 year agoMay 2024
-55.4 %
Change YoYMay 2024 – May 2025

Summary: Homes in Lake Elmo had an average listing age of 18 days in May 2025, down by 55.4% compared to the previous year.

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Newest Listings in Lake Elmo, MN

What homes are available in Lake Elmo, MN?

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Last updated on: 6/19/2025, 6:37:28 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.