Market Overview
Home Prices in Lakefield, MN
The median home value in Lakefield, MN is $210,333 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.2% compared to a year ago and up 9.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lakefield are priced49% below average.
Over the past five years, Lakefield home values have risen by approximately43.8%, reflecting strong long-term appreciation in this market.
Price History
Lakefield Home Price Trend
2020
$128,581
$129K
—
2021
$146,235
$146K
+13.7%
2022
$173,111
$173K
+18.4%
2023
$172,609
$173K
-0.3%
2024
$184,480
$184K
+6.9%
2025
$201,835
$202K
+9.4%
2026
$210,333
$210K
+4.2%
City Comparison
Lakefield vs. National Median
🏠 Lakefield
$210,333
National Median
$410,000
At $210,333, homes in Lakefield cost 49% below the national median of $410,000. This makes Lakefield a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Lakefield?
20% Down Payment
$42,067
on $210,333
Monthly P&I
$1,097/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,393/mo
incl. taxes & insurance
Income Needed
$55,720
gross annual (30% rule)
10% Down Option
$21,033
+ PMI applies
Loan Amount (20% dn)
$168,266
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 Lakefield, MN?
The median home value in Lakefield is $210,333 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.2% year-over-year.
How much have home prices changed in Lakefield?
Over the past year, home values in Lakefield have increased by 4.2%. Over five years, prices have risen approximately 43.8%.
How much do I need to earn to buy a home in Lakefield?
To comfortably afford the median home price of $210,333 with a 20% down payment ($42,067) at today's rates (6.8%), you'd need a gross annual income of approximately $55,720. This assumes keeping total housing costs at or below 30% of gross income.
How does Lakefield compare to the national average home price?
The national median home value is approximately $410,000. At $210,333, homes in Lakefield are 49% below the national average.