Lake Elmo, MN—55042
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake Elmo, MN
As of Oct '25, the median home price in Lake Elmo, MN is $612,000, with a year-over-year change of 2.1%. This indicates that home prices in Lake Elmo, MN are increasing. According to Zillow, the 1-year price projection is -0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $612,000 | 2.1% |
| Single Family | $612,000 | 2.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $532,000 | 2.9% |
3 Bed | $541,000 | 3.0% |
4 Bed | $650,000 | 2.4% |
| 5 Bed | $777,000 | 2.5% |
% of Housing Stock
Rental Trends — Lake Elmo, MN
As of July '25, Rentcast reports the average rent in Lake Elmo, MN is $3,070, with a year-over-year rent change of 19.9%. Per bedroom, the median rent as of July '25 in Lake Elmo, MN is 2-bedrooms: $1,990, 3-bedrooms: $2,860, 4-bedrooms: $3,510. The most common rental property sizes in Lake Elmo, MN are 3-bedroom and 1-bedroom, accounting for 38.5% and 36.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,900 | $3,070 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,520 | $1,990 |
| 3 Bed Rent | $2,900 | $2,860 |
| 4 Bed Rent | $3,580 | $3,510 |
% of Rental Stock
Property Listings — Lake Elmo, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake Elmo, MN is 57. This is a increase of 12.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $731,000 | -7.0% |
Listing Count | 88 | 12.0% |
| Listings as % of Homes | 1.3% | 12.0% |
Days on Market | 57 | 12.0% |
Demographics — Lake Elmo, MN
As of the latest ACS Survey released in 2023, Lake Elmo, MN has a population of 13,200, which has increased by 36.8% over the past 5 years. Lake Elmo, MN is a popular place for families, as children make up 26.5% of the population. The area has a highly educated workforce, with 62.2% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 35.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,200 | 36.8% |
% Under 18 | 26.5% | 2.7% |
% Seniors | 14.7% | 16.7% |
% WFH | 35.3% | 346.8% |
% w/ College Degree | 62.2% | 21.5% |
As of the latest ACS Survey released in 2023, Lake Elmo, MN is a predominantly white area, with 85.6% of the population identifying as white. The white population has shrunk by 1.2% in the last 5 years. The second most common race or ethnicity in Lake Elmo, MN is hispanic, making up 3.8% of the population. Foreign-born residents account for 4.9% of the population in Lake Elmo, MN, and this percentage has decreased by 27.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 85.6% | -1.2% |
% Black | 1.3% | -48.0% |
% Hispanic | 3.8% | -40.6% |
% Asian | 3.7% | 60.9% |
% Foreign Born | 4.9% | -27.9% |
Mortgage and Risk — Lake Elmo, MN
According to HUD data as of 2023, there were 291 mortgage originations in Lake Elmo, MN, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 12.0% above 90% LTV (elevated). This implies medium mortgage risk in Lake Elmo, MN. Investor activity is low, as 1.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 291 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Lake Elmo, MN
Lake Elmo, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,430 |
| 2 Bedroom | $230 | $1,520 | $1,750 |
| 3 Bedroom | -$570 | $2,900 | $2,330 |
| 4 Bedroom | -$970 | $3,580 | $2,610 |
Affordability — Lake Elmo, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $612,000 |
| Median Household Income | $155,000 |