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Featured local agent — Lake Elmo, MN
Sarah Mitchell
Compass Real Estate · Lake Elmo, MN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Lake Elmo, MN Housing Market & Real Estate
Housing market overview · Updated monthly ·
$700,000median sale price
How is the Lake Elmo, MN housing market right now?
The median home sale price in Lake Elmo, MN is $700,000, up 13.8% year-over-year. Homes sell in an average of 24 days with 50 active listings. The market is currently a seller's 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 Lake Elmo a buyer's or seller's market?
Lake Elmo, MN is currently a seller's market, based on 2.6 months of supply and homes selling in about 24 days. How we determine this →
Homes sold
19
Last 12 weeks
Days on market
24
Average pace
Active listings
50
2.6 months supply
Sale-to-list
100.5%
Above asking
What does the Lake Elmo housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $700,000 |
| Median list price | $725,000 |
| Year-over-year price change | +13.8% |
| Average days on market | 24 days |
| Active inventory | 50 listings |
| Months of supply | 2.6 months |
| Sale-to-list price ratio | 100.5% |
| Median price per sq ft | $235/sq ft |
| Homes sold (latest month) | 19 |
| New listings (latest month) | 31 |
| Listings with a price cut | 28.0% |
| Market condition | Seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Lake Elmo by property type?
How the Lake Elmo, 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 | $700,000 | $235/sq ft | 17 | 24 days |
| Townhouse | $492,500 | $254/sq ft | 2 | 26 days |
Source: Redfin · Updated monthly
The Lake Elmo housing market is currently classified as a seller's market with a median sale price of $700,000. Prices have risen 13.8% compared to last year, with homes spending an average of 24 days on market, indicating 2.6 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 4.2x provides context for how home values compare to local earning capacity.
Homes for sale in Lake Elmo
There are currently 50 homes listed for sale in Lake Elmo, Minnesota. The median listing price is $725K.
Active listings
50
Homes on market
Median list price
$725K
Avg. days on market
24
Days until sale
New this week
31
Newly listed
Who lives in Lake Elmo?
Population
12,504
Median income
$153,407/yr
Median age
40.2 years
Owner-occupied
92.3%
College grads
61.7%
Avg commute
23.3 min
Source: U.S. Census Bureau ACS
What are homes worth in Lake Elmo?
Zillow home value
$638,137
Zillow rent index
$2,135/mo
Price-to-rent ratio
24.9x
Price-to-income
4.2x
Source: Zillow Research
What is it like to live in Lake Elmo?
Lake Elmo is a community of approximately 13K residents with a median age of 40.2 years.The median household income is $153,407, which reflects a relatively affluent area with strong earning potential. 61.7% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 92.3%, reflecting strong community stability and long-term resident commitment. The average commute time is 23.3 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Lake Elmo offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Lake Elmo?
3 schools tracked · 1,655 students
The largest public schools serving Lake Elmo, MN by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Oak-Land Middle School
Grades 6-8 · 935 students
LAKE ELMO ELEMENTARY
Grades K-5 · 626 students
Pankalo Education Center
Grades K-8 · 94 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Lake Elmo, MN?
Want a head-to-head view? Compare Lake Elmo side-by-side with any other U.S. city using our market-comparison tool.
Is Lake Elmo a good real estate investment market?
For investors evaluating Lake Elmo, the price-to-rent ratio of 24.9x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has appreciated 13.8% year-over-year, reflecting ongoing demand and value growth.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Lake Elmo's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Lake Elmo's median home price.
Frequently asked questions
What is the average home price in Lake Elmo?
The median home sale price in Lake Elmo is $700,000, up 13.8% from last year.
How long do homes stay on market in Lake Elmo?
Homes typically spend 24 days on market before going under contract.
What is the median income in Lake Elmo?
The median household income is $153,407 per year.
Is Lake Elmo a buyer's or seller's market?
With 2.6 months of supply, Lake Elmo is currently a seller's market.
What is the Zillow home value estimate for Lake Elmo?
The Zillow Home Value Index (ZHVI) for Lake Elmo is $638,137, representing the typical home value in the area.
How much does a single-family home cost in Lake Elmo?
The median single-family home price in Lake Elmo, MN is $700,000 (about $235 per square foot).
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