June 3, 2016
Mid-Year Minnesota Lake Home Market Update
The Lakeshore Market has been steadily growing since 2011. The amount of homes sold in the time period of January 1st to June 1st have increased from 347 homes in 2011 to 971 homes in 2016. The median price has also increased in the same 6-year period from $256, 000 to $288, 000, an 11% increase. This reflects the housing market recovery from the crash in 2008. 35 lake homes have closed in 2016 between $1-2 million dollars with most of them being on one of Minnesota’s most popular lakes, Lake Minnetonka. The metro lake area has become a hot spot for buyers to find their lake home, but the most popular place to buy is still Brainerd lakes area. These lake home markets are forecasted to continue to increase over the next several years in Minnesota.