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Featured local agent — Gem Lake, MN
Sarah Mitchell
Compass Real Estate · Gem Lake, MN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Gem Lake, MN Housing Market & Real Estate
Housing market overview · Updated monthly ·
$1.00Mmedian sale price
How is the Gem Lake, MN housing market right now?
The median home sale price in Gem Lake, MN is $1.00M, down 2.9% year-over-year. Homes sell in an average of 241 days with 2 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Gem Lake a buyer's or seller's market?
Gem Lake, MN is currently a balanced market, based on 2.0 months of supply and homes selling in about 241 days. How we determine this →
Homes sold
1
Last 12 weeks
Days on market
241
Average pace
Active listings
2
2.0 months supply
Sale-to-list
87.0%
Below asking
What does the Gem Lake housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $1.00M |
| Median list price | $525,000 |
| Year-over-year price change | -2.9% |
| Average days on market | 241 days |
| Active inventory | 2 listings |
| Months of supply | 2.0 months |
| Sale-to-list price ratio | 87.0% |
| Median price per sq ft | $117/sq ft |
| Homes sold (latest month) | 1 |
| New listings (latest month) | 1 |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
How much do homes cost in Gem Lake by property type?
How the Gem Lake, MN market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $1.00M | $117/sq ft | 1 | 241 days |
| Townhouse | $710,000 | $239/sq ft | 1 | 9 days |
Source: Redfin · Updated monthly
The Gem Lake housing market is currently classified as a balanced market with a median sale price of $1.00M. Prices have fallen 2.9% compared to last year, with homes spending an average of 241 days on market, indicating 2.0 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 4.3x provides context for how home values compare to local earning capacity.
Homes for sale in Gem Lake
There are currently 2 homes listed for sale in Gem Lake, Minnesota. The median listing price is $525K.
Active listings
2
Homes on market
Median list price
$525K
Avg. days on market
241
Days until sale
New this week
1
Newly listed
Who lives in Gem Lake?
Population
521
Median income
$146,250/yr
Median age
41.2 years
Owner-occupied
90.4%
College grads
52.6%
Avg commute
21.3 min
Source: U.S. Census Bureau ACS
What are homes worth in Gem Lake?
Zillow home value
$625,388
Price-to-income
4.3x
Source: Zillow Research
What is it like to live in Gem Lake?
Gem Lake is a community of approximately 1K residents with a median age of 41.2 years.The median household income is $146,250, which reflects a relatively affluent area with strong earning potential. 52.6% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 90.4%, reflecting strong community stability and long-term resident commitment. The average commute time is 21.3 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Gem Lake offers a balanced lifestyle with accessible home values relative to local income levels.
Which cities are near Gem Lake, MN?
Want a head-to-head view? Compare Gem Lake side-by-side with any other U.S. city using our market-comparison tool.
Frequently asked questions
What is the average home price in Gem Lake?
The median home sale price in Gem Lake is $1.00M, down 2.9% from last year.
How long do homes stay on market in Gem Lake?
Homes typically spend 241 days on market before going under contract.
What is the median income in Gem Lake?
The median household income is $146,250 per year.
Is Gem Lake a buyer's or seller's market?
With 2.0 months of supply, Gem Lake is currently a balanced market.
What is the Zillow home value estimate for Gem Lake?
The Zillow Home Value Index (ZHVI) for Gem Lake is $625,388, representing the typical home value in the area.
How much does a single-family home cost in Gem Lake?
The median single-family home price in Gem Lake, MN is $1.00M (about $117 per square foot).
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