The story of this market
The typical home in ZIP 55614 sells for about $140,000, or $145 per square foot.
Prices are down 13.8% from a year ago, which gives buyers more room to negotiate. Homes take about 109.5 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,200 a month.
ZIP 55614 — Silver Bay
The 55614 housing market is currently experiencing a cooling phase with a year-over-year price decline of 13.8%. Low sales volume and high days on market suggest a cautious environment for sellers. The market remains driven by its unique North Shore location and limited inventory.
This area is best suited for outdoor enthusiasts, retirees, and those seeking a quiet, nature-focused lifestyle along the North Shore.
Median prices moved down 13.8% year over year.
Homes spend a median of 110 days on market with 12.3 months of supply — a slower-moving market.
6% of listings have cut prices · homes sell at 94.4% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.2% · poverty 9.5% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 2.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 3.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 55614, Lake County MN
The area is served by Lake Superior School District, which provides public education for the North Shore region.
The area faces risks associated with Lake Superior proximity, including severe winter weather and potential for high winds.
The local economy is anchored by tourism, outdoor recreation, and legacy industrial operations along the North Shore.
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.
Commuting is primarily via Highway 61, which serves as the main artery connecting the area to Duluth and other North Shore communities.
The area offers extensive access to Lake Superior, state parks, hiking trails, and outdoor recreational activities.
The rental market is limited, with demand influenced by seasonal tourism and local workforce needs.
The economy is driven by tourism, hospitality, and regional services supporting the North Shore corridor.
Transportation is heavily reliant on private vehicles via Highway 61, with limited public transit options.
Development is focused on maintaining recreational infrastructure and supporting small-scale residential growth.
Lake County Assessor manages property valuations for tax purposes.
Parcels are subject to Lake Superior School District and Lake County administrative levies.
Insurance premiums are influenced by proximity to Lake Superior and wildfire risk in forested areas.
Data retrieved from US Census Bureau ACS tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment. Source: NCES EDGE public school locations 2023-24.
Iconic historic lighthouse and park on Lake Superior.
Features high cliffs and waterfalls along the North Shore.
Extensive hiking trail system running through the region.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.