Lake of the Woods County Housing Market Report December 2024•Lake of the Woods County, Minnesota

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Housing Prices in Lake of the Woods County, MN

How much do homes in Lake of the Woods County, MN cost?

Housing Market Conditions

Is Lake of the Woods 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 of the Woods County is a Neutral Market

Difference Since December 2023

At the same time last year, Lake of the Woods County was a Seller's Market.

Insight

Lake of the Woods County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

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.
$200,075$161/SqFt
+$5,075
+2.6%

Based on all homes sold in the last 12 months

Insight

Homes in Lake of the Woods County have sold for 2.6% more than they did a year ago.

Summary: The median home sold price in Lake of the Woods County was $200,075 in December 2024, up 2.6% from last year, and the median price per square foot was $161.

Median Sold Price By City

Median Sold Price By City
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
Beltrami County
+11.3%
Lake of the Woods County
+2.6%
Koochiching County
0.3%

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.
BedsDec 2023Dec 2024Change YoY
2$159K$167.7K
+5.5%
3$195K$224.9K
+15.4%
4$309.5K$250K
-19.2%
5$255K$402.5K
+57.9%
1$90K$180K
+100.0%

Summary: Lake of the Woods County housing price by bedroom type for December 2024, compared to the previous year. The home price for 2 bedroom homes increased by +5.5%. The home price for 3 bedroom homes increased by +15.4%. The home price for 4 bedroom homes decreased by -19.2%. The home price for 5 bedroom homes increased by +57.9%. The home price for 1 bedroom homes increased by +100.0%.

Housing supply in Lake of the Woods County, MN

How many homes are available in Lake of the Woods 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
31Last MonthDec 2024
332 months agoNov 2024
-6.1 %
Change MoMNov – Dec

Summary: The Lake of the Woods County real estate market had 31 homes for sale in Dec 2024, a 6.1 % decrease compared to Nov 2024.

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
5Last MonthDec 2024
42 months agoNov 2024
+25.0 %
Change MoMNov – Dec

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.
BedsNov 2024Dec 2024Change MoM
288
0.0%
31311
-15.4%
456
+20.0%
533
0.0%
143
-25.0%

Summary: Lake of the Woods County housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 2 bedroom homes remained the same. The inventory for 3 bedroom homes decreased by -15.4%. The inventory for 4 bedroom homes increased by +20.0%. The inventory for 5 bedroom homes remained the same. The inventory for 1 bedroom homes decreased by -25.0%.

Asking Price vs. Sold Price

How much do homes in Lake of the Woods 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 Price0 Home

Under Asking Price5 Homes

Insight

If you're buying a home in Lake of the Woods County, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in Lake of the Woods County in December 2024, up by 25.0% month-over-month. Of the 5 sold homes, 100% were sold under asking, 0% were sold at asking, and and 0% were sold over asking.

Days on Market for Lake of the Woods County, MN

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

Breakdown of Home Sale Times

Under 30 Days1 Home

30 – 90 Days2 Homes

Over 90 Days2 Homes

Insight

Avg time on Rocket Homes in Lake of the Woods County has remained consistent over time.

Summary: During December 2024, 5 homes were sold in Lake of the Woods County; 20% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 40% 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
81 DaysThis YearDec 2024
94 Days1 year agoDec 2023
-14.1 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Lake of the Woods County had an average listing age of 81 days in Dec 2024, down by 14.1% compared to the previous year.

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Newest Listings in Lake of the Woods County, MN

What homes are available in Lake of the Woods County, MN?

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Last updated on: 1/29/2025, 3:22:51 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the RMLS. Real estate listings other than this broker are marked with the Broker Reciprocity logo and the view of detailed information about them includes the name of the listing broker. Information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Listing(s) information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All property listing data is Copyright 2001-2025 Fargo-Moorhead Area Association of REALTORS®. No reproduction, compilation, retransmission or distribution of this data is permitted in any manner without the express, written permission of the Fargo-Moorhead Area Association of REALTORS® RMLS.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 11/1/2024, 10:10:53 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.