Market Overview
Home Prices in Gem Lake, MN
The median home value in Gem Lake, MN is $625,388 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.2% compared to a year ago and up 2.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Gem Lake are priced53% above average. Gem Lake is part of the Minneapolis-St. Paul-Bloomington, MN-WI metro area.
Over the past five years, Gem Lake home values have risen by approximately19.6%, reflecting steady appreciation in this market.
Price History
Gem Lake Home Price Trend
City Comparison
Gem Lake vs. National Median
At $625,388, homes in Gem Lake cost 53% above the national median of $410,000. Buyers in Gem Lake should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Gem Lake?
20% Down Payment
$125,078
on $625,388
Monthly P&I
$3,262/mo
30-yr @ 6.8%
Total Monthly Est.
~$4,143/mo
incl. taxes & insurance
Income Needed
$165,720
gross annual (30% rule)
10% Down Option
$62,539
+ PMI applies
Loan Amount (20% dn)
$500,310
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Gem Lake, MN?
The median home value in Gem Lake is $625,388 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.2% year-over-year.
How much have home prices changed in Gem Lake?
Over the past year, home values in Gem Lake have increased by 3.2%. Over five years, prices have risen approximately 19.6%.
How much do I need to earn to buy a home in Gem Lake?
To comfortably afford the median home price of $625,388 with a 20% down payment ($125,078) at today's rates (6.8%), you'd need a gross annual income of approximately $165,720. This assumes keeping total housing costs at or below 30% of gross income.
How does Gem Lake compare to the national average home price?
The national median home value is approximately $410,000. At $625,388, homes in Gem Lake are 53% above the national average.
What metro area is Gem Lake part of?
Gem Lake is part of the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.