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Featured local agent — Martin Lake, MN
Sarah Mitchell
Compass Real Estate · Martin Lake, MN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Martin Lake, MN Housing Market
The last median sale price Redfin published was $545,000, +84.8% year over year (through May 2026). With homes going under contract in about 141 days, Martin Lake is a balanced market. At today's 7.03% 30-year fixed rate, 20% down on a $545,000 home is about $2,910/mo in principal and interest.
Key numbers for Martin Lake, MN
Median sale price
$545,000
+84.8% year over year
Redfin, through May 2026
Days on market
141
Slow-moving
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$120,705
Home costs 4.5x income
U.S. Census ACS, 2023
Sale-to-list ratio
104.8%
Selling above asking
Redfin, through May 2026
Zillow figures refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Martin Lake a buyer's or seller's market?
Martin Lake, MN is a balanced market and homes selling in about 141 days. We classify markets from months of supply, sale-to-list ratio and days on market together — no single number decides it.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Martin Lake housing market data show?
Every row below is Redfin's final published month for Martin Lake, MN. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $545,000 |
| Year-over-year price change | +84.8% |
| Median price per sq ft | $243/sq ft |
| Median days on market | 141 days |
| Sale-to-list price ratio | 104.8% |
| Homes sold (that month) | 3 |
| Market condition | Balanced market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Martin Lake is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Martin Lake is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Martin Lake home prices moved?
Over the last three years the median sale price in Martin Lake, MN rose 211.4%, from $175,000 to $545,000.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Martin Lake?
Priced off the median sale price of $545,000 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $109,000 | $436,000 | $2,910/mo |
| 5% | $27,250 | $517,750 | $3,455/mo |
Redfin, through May 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $2,910, that implies roughly $124,693 a year before you add taxes and insurance. The median household in Martin Lake earns $120,705, about $3,988 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the median sale price to fit the 28% rule. That puts the price-to-income ratio at 4.5x — above the historical 3x norm but in line with much of the country in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Martin Lake in the next 12 months?
Tell us your timeline. We send the Martin Lake market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Martin Lake?
Zillow does not publish a rent index (ZORI) for Martin Lake, MN, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Martin Lake?
Active listings in Martin Lake, MN went from 5 in July 2024 to 3 in March 2026, a -40.0% change. Falling inventory tightens competition. When supply drops while demand holds, sale-to-list ratios rise before the median sale price does.
| Month | Active listings | New listings |
|---|---|---|
| August 2024 | 3 | not published |
| September 2024 | 3 | 1 |
| October 2024 | 3 | 2 |
| November 2024 | 1 | not published |
| March 2025 | 1 | 1 |
| May 2025 | 6 | 4 |
| June 2025 | 4 | 1 |
| July 2025 | 3 | not published |
| September 2025 | 2 | not published |
| October 2025 | 1 | not published |
| November 2025 | 2 | 1 |
| March 2026 | 3 | 1 |
Redfin, through March 2026
How does Martin Lake compare to Minnesota and the U.S.?
Martin Lake homes sell for $545,000 — 46% above the Minnesota median of $372,300. Against the national median of $410,700, Martin Lake runs 33% higher. Year-over-year, Martin Lake moved +84.8% against Minnesota's +1.3% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Martin Lake, MN | $545,000 | +84.8% | 141 days |
| Minnesota statewide | $372,300 | +1.3% | 25 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Martin Lake
What buyers should watch
- The gap between 5% and 20% down here is $546 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $545,000 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Martin Lake listing goes under contract in 141 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 104.8% of asking. Price at the number you want and let competition do the rest.
- Comparable ZIP-level pricing inside Martin Lake varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Martin Lake
Explore homes currently listed for sale in Martin Lake, Minnesota across major real estate platforms.
How much do homes cost in Martin Lake by property type?
How the Martin Lake, MN market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $545,000 | $243/sq ft | 3 | 141 days |
Who lives in Martin Lake?
American Community Survey estimates for Martin Lake. U.S. Census ACS, 2023
Population
1,203
Households
490
Median income
$120,705/yr
Median age
42.4 years
Owner-occupied
68.2%
Median home value
$426,100
Median gross rent
$1,589/mo
Mean commute
29.3 min
68.2% of occupied homes in Martin Lake are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market.
Which cities are near Martin Lake, MN?
Ordered by distance from Martin Lake, not by size. Compare Martin Lake side by side with any of them.
Martin Lake housing market FAQ
Is Martin Lake a buyer's or seller's market?
Martin Lake, MN is currently a balanced market based on the supply, pace-of-sale and sale-to-list data we hold for this city. Redfin's public market tracker last published in May 2026, so this classification will not move until a new source fills that gap.
How much do homes cost in Martin Lake?
The median sale price in the last month Redfin published was $545,000, about $243 per square foot.
Is Martin Lake cheaper than the rest of Minnesota?
Martin Lake's median sale price of $545,000 is 46% higher than the Minnesota statewide median of $372,300, and 33% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Martin Lake?
Homes in Martin Lake, MN spent a median of 141 days on market before going under contract, versus 25 days statewide. Over two months means buyers have time to inspect, compare and negotiate. (Redfin, through May 2026.)
What income do you need to buy a home in Martin Lake?
At the current 30-year fixed rate of 7.03%, 20% down on a $545,000 home is about $2,910 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $124,693 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $120,705.
Are home prices rising in Martin Lake?
Redfin's last published year-over-year change for Martin Lake, MN was +84.8%, measured through May 2026. That series is frozen; treat it as a historical reading rather than a current trend.
What are the cheapest ZIP codes in Martin Lake?
Martin Lake ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Martin Lake?
That depends on your timeline, not on a headline. What the data says today: Martin Lake, MN is a balanced market, the 30-year fixed rate is 7.03%. Properties Incorporated publishes the data; it does not give financial advice.
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One email: what homes are actually clearing at around $545,000, how long they sit, which ZIPs run cheaper, and what to fix on your credit before you apply.