Lake of the Woods County, MN housing market

What this means

• Valuation. Prices are 6% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are up 3.3% over the past year (U.S.: +1.2%).
• Supply. Listings are 19% below the 2017-19 norm and rising (+31% vs. a year ago), still somewhat tight.
• Negotiating. Buyer leverage is high (72/100; U.S.: 54): homes sell for about 5.4% below their final list price; 10% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 22% of the median household income (U.S.: 35%); it takes about $56k a year to keep the payment at 30% of gross pay. That includes about $1,696 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $186 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −9% to +7% over the next 12 months (54% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −9.0% to +7.4% (80% range; middle estimate +0.5%), chance of a rise 54%, of a 5%+ drop 20%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

ZIP codes in Lake of the Woods County, MN