Market Overview
Home Prices in Lake Elmo, MN
The median home value in Lake Elmo, MN is $638,137 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.2% compared to a year ago and up 1.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lake Elmo are priced56% above average. Lake Elmo is part of the Minneapolis-St. Paul-Bloomington, MN-WI metro area.
Over the past five years, Lake Elmo home values have risen by approximately16.6%, reflecting steady appreciation in this market.
Price History
Lake Elmo Home Price Trend
City Comparison
Lake Elmo vs. National Median
At $638,137, homes in Lake Elmo cost 56% above the national median of $410,000. Buyers in Lake Elmo should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Lake Elmo?
20% Down Payment
$127,627
on $638,137
Monthly P&I
$3,328/mo
30-yr @ 6.8%
Total Monthly Est.
~$4,227/mo
incl. taxes & insurance
Income Needed
$169,080
gross annual (30% rule)
10% Down Option
$63,814
+ PMI applies
Loan Amount (20% dn)
$510,510
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 Lake Elmo, MN?
The median home value in Lake Elmo is $638,137 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.2% year-over-year.
How much have home prices changed in Lake Elmo?
Over the past year, home values in Lake Elmo have increased by 2.2%. Over five years, prices have risen approximately 16.6%.
How much do I need to earn to buy a home in Lake Elmo?
To comfortably afford the median home price of $638,137 with a 20% down payment ($127,627) at today's rates (6.8%), you'd need a gross annual income of approximately $169,080. This assumes keeping total housing costs at or below 30% of gross income.
How does Lake Elmo compare to the national average home price?
The national median home value is approximately $410,000. At $638,137, homes in Lake Elmo are 56% above the national average.
What metro area is Lake Elmo part of?
Lake Elmo is part of the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.