The story of this market
The typical home in Lake County, Minnesota sells for about $154,654, or $125 per square foot.
Prices are down 39.6% from a year ago, which gives buyers more room to negotiate. Homes take about 91 days to sell, which is slow. Over the long run, values in this county have grown 171% since 2000. The biggest natural hazard here is strong wind, which FEMA rates very high. HUD's fair market rent for a two-bedroom is $1,358 a month.
HUD sets the fair market rent for a 2-bedroom at $1,358 a month. FEMA's National Risk Index rates overall hazard risk here as Relatively High.
Price climate
Every year of price change, 2000–2025
+5.3%
2025
Each stripe is one year's median price change across the area's census tracts (FHFA repeat-sales index). Deep blue is a strong gain year, red a falling year. Best: 2005 (+18.8%). Worst: 2010 (-5.2%). Hover to read a year.
Monthly price momentum
Home values since 2015
+1.5%
MN · past 12 months
Freddie Mac House Price Index, single-family homes, monthly through 2026-08. Each line starts at 100 in January 2015, so a reading of 180 means prices are up 80% since then.
Rent benchmark
Fair market rent by size
$1,618
3-bed / month
HUD Fair Market Rents, fiscal 2027, for this county. A typical rent for a modest unit, used to set housing-voucher payments.
Neighborhood price trend
Long-run price trend, 2000–2025
+5.3%
2025 change
FHFA repeat-sales index, median of 4 census tracts in this county (2000 = 100). Bars are each year's median change.
Natural hazard exposure
The area's risk shape
86
Relatively High
FEMA National Risk Index. Each spoke is a hazard ranked nationally, where 100 is the most exposed. Expected annual loss: $10,776,153.
Mortgage activity
Home lending in this county
79.1%
2018 approval rate
| Year | Applications | Loans made | Approval | Investor share | Median home value |
|---|---|---|---|---|---|
| 2018 | 364 | 201 | 79.1% | 5.2% | $165,000 |
CFPB Home Mortgage Disclosure Act records: every mortgage application reported by lenders for homes in this county. Approval rate is approved ÷ decided (withdrawn and incomplete files excluded). Investor share and home value are the median census tract.
Lake County, Minnesota
The Lake County housing market is experiencing a significant correction with median prices declining sharply year-over-year as inventory levels rise. High days on market and reduced sales volume suggest a cooling demand environment, likely driven by broader economic shifts and seasonal factors. Buyers currently hold more leverage than in previous years.
2 distress filing(s) on the ARED verified county foreclosure ledger. Key-figure check: median price diverges 39.1% from the nearest retained anchor (prior refresh cycle) — beyond the 12.5% tolerance; an automated validation case is open and the value publishes pending its verdict.
Select a city to expand its ZIP intel reports beneath · 3 cities · 4 ZIP reports
Median prices moved up 32.4% year over year.
Homes spend a median of 89 days on market with 7.2 months of supply — a slower-moving market.
11% of listings have cut prices · homes sell at 96.95% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.1% · poverty 8.5% — a stable, low-distress profile.
Deterministic aggregate of 2 researched ZIP reports — sales_count-weighted (population fallback); per point, children lacking the value or its weight are excluded. Tax rates, sentiment and context notes are tier-native and never roll.
Lake County, Minnesota — researched county-level history with a deterministic 1 / 3 / 5-year projection
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
No researched properties in this county yet — the property base layer populates as property research runs, and each property feeds its ZIP's roll-up.
researched Sep 23
researched Oct 19
researched Oct 19
| 55604 | Beaver Bay | $516,000 | $243 | +4.2% | 35 | 98.1% | — | — | 64 | $947 | researched Sep 23 |
| 55614 | Silver Bay | $140,000 | $145 | -13.8% | 110 | 94.4% | 5.6% | 12.3 | 37 | $1,200 | researched Oct 19 |
| 55616 | Two Harbors | $344,950 | $232 | +42.3% | 84 | 97.5% | 12% | 6.1 | 85 | $1,450 | researched Oct 19 |
Figures are each ZIP report's own latest research — the county roll-up aggregates them sales_count-weighted (population fallback); ZIPs cycle quarterly.
Lake County maintains a low crime rate consistent with rural northern Minnesota, with property and violent crime incidents remaining well below state and national averages.
Schools in Lake County are primarily served by Lake Superior School District, which is generally characterized by small class sizes and strong community engagement.
The county faces moderate wildfire risks due to extensive forest cover and seasonal wind events, with insurance markets reflecting standard regional climate-related adjustments.
Economic momentum is driven by tourism, forestry, and public sector employment, with limited large-scale industrial development currently reported.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
The economy is anchored by tourism, natural resource management, and local government services, with a focus on outdoor recreation and hospitality.
Transportation is primarily served by Highway 61, which acts as the main corridor along the North Shore of Lake Superior.
The Lake County Assessor's office conducts annual market value assessments based on property sales data and physical inspections.
The county is served by various special districts including soil and water conservation districts and regional hospital districts.
Property insurance premiums are influenced by regional wildfire and wind exposure, with market availability remaining stable.
- Grand Ely Lodge Resort & Event Center4.627.7 mi
- Northern Grounds4.627.3 mi
- George H. Crosby Manitou State Park4.819.2 mi
- Split Rock Lighthouse4.728 mi
- North American Bear Center4.827.7 mi
- Beaver Bay Agate Shop4.725.1 mi
- Dorothy Molter Museum4.726.3 mi
- Superior National Forest4.818.7 mi
- George H. Crosby Manitou State Park4.819.2 mi
- Finland State Forest4.76.5 mi
- Timber Bay Lodge & Houseboats4.721.5 mi
- Silver Bay Marina4.724.7 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area ranked by popularity within the radius shown.
The amenity base that shapes daily life and property demand in this county — what residents actually live with, and what the pipeline is adding.
Provides vast recreational opportunities including hiking, camping, and wilderness exploration.
A historic landmark on Lake Superior offering scenic views and significant tourism draw.
Extensive trail network used for snowmobiling and hiking, connecting the county to broader regional outdoor infrastructure.
Data retrieved from US Census Bureau ACS 5-year estimates via Boreal Waters Community Foundation Dashboard.
applies when — Property containing a homestead subject to foreclosure
The mortgagor has the right to designate a portion of the property as a homestead to be sold and redeemed separately, provided it conforms to local zoning and is compact.
Minnesota Statutes 582.041
applies when — Parcels designated as condominium units
Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units.
Minnesota Statutes 515A.1-105
Allows non-judicial foreclosure. Requires notice of sale to be mailed to the mortgagor at least 14 days before the sale date and published in a newspaper. Mortgagors have specific redemption rights following the sale.
Minnesota Statutes Chapter 580
Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.25% for value exceeding $500,000.
2021 Classification Rate Table, Minnesota Department of Revenue
≈ $1,547/yr on a $154,654 median
Governance registry — every jurisdiction re-researches on a rolling 90-day cycle. Property reports compose these inherited burdens into a per-parcel ledger with conditional determinations. Informational only — not legal advice.