Lakeland, MN—55043
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lakeland, MN
As of Oct '25, the median home price in Lakeland, MN is $390,000, with a year-over-year change of 2.2%. This indicates that home prices in Lakeland, MN are increasing. According to Zillow, the 1-year price projection is -0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $390,000 | 2.2% |
| Single Family | $390,000 | 2.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $320,000 | 3.6% |
3 Bed | $381,000 | 2.1% |
4 Bed | $438,000 | 1.4% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lakeland, MN
As of July '25, Rentcast reports the average rent in Lakeland, MN is $3,000, with a year-over-year rent change of 42.9%. Per bedroom, the median rent as of July '25 in Lakeland, MN is 4-bedrooms: $3,000. The most common rental property sizes in Lakeland, MN are 2-bedroom and 1-bedroom, accounting for 49.0% and 20.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,000 | $3,000 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | $3,000 | $3,000 |
% of Rental Stock
Property Listings — Lakeland, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Lakeland, MN is 72. This is a increase of 43.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $432,000 | 6.0% |
Listing Count | 10 | 37.0% |
| Listings as % of Homes | 0.2% | 37.0% |
Days on Market | 72 | 43.0% |
Demographics — Lakeland, MN
As of the latest ACS Survey released in 2023, Lakeland, MN has a population of 3,470, which has decreased by -5.7% over the past 5 years. Lakeland, MN is a moderately popular place for families, as children make up 17.6% of the population. The area has a highly educated workforce, with 45.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,470 | -5.7% |
% Under 18 | 17.6% | -11.1% |
% Seniors | 24.3% | 52.8% |
% WFH | 15.4% | 305.3% |
% w/ College Degree | 45.7% | 21.9% |
As of the latest ACS Survey released in 2023, Lakeland, MN is a predominantly white area, with 91.2% of the population identifying as white. The white population has shrunk by 6.5% in the last 5 years. The second most common race or ethnicity in Lakeland, MN is hispanic, making up 2.5% of the population. Foreign-born residents account for 3.4% of the population in Lakeland, MN, and this percentage has increased by 112.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 91.2% | -6.5% |
% Black | 0.2% | 0.0% |
% Hispanic | 2.5% | 316.7% |
% Asian | 1.8% | 50.0% |
% Foreign Born | 3.4% | 112.5% |
Mortgage and Risk — Lakeland, MN
According to HUD data as of 2023, there were 69 mortgage originations in Lakeland, MN, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 47.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Lakeland, MN. Investor activity is low, as 3.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 69 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Lakeland, MN
Lakeland, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 0 |
Total Units Section 8 | 0 |
% Rentals under Section 8 | 0.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,460 |
| 2 Bedroom | N/A | N/A | $1,780 |
| 3 Bedroom | N/A | N/A | $2,370 |
| 4 Bedroom | -$350 | $3,000 | $2,650 |
Affordability — Lakeland, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $390,000 |
| Median Household Income | $102,000 |