Is Lake Mills, IA 50450 a buyer’s or seller’s market?
Lake Mills is a seller’s market. With about 2.8 months of supply and 38% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
The Lake Mills housing market right now
In the three months ending August 31, 2026, 38% of homes in Lake Mills, IA 50450 sold above their list price, the typical home went under contract in 31 days and there were 2.8 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 8 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking rose from 33%, homes sold faster (105 days then) and the median sale price fell 14% to $167,428. Overall, Lake Mills is more competitive than a year ago, so tougher for buyers.
Within Winnebago County, homes here sell faster, and more often over asking, than in any other ZIP code in the county.
Nearby, buyers who want less competition could look at Thompson 50478 (0% sold over asking) or Rake 50465 (0% sold over asking).
Run the numbers for 50450
Nearby markets
Buffalo Center 50424Buyer’s market $48 /sq ftForest City 50436Buyer’s market $96 /sq ftLeland 50453Buyer’s market $95 /sq ftRake 50465Seller’s market $47 /sq ft Browse all markets →Towns like Lake Mills nearby
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Questions about Lake Mills real estate
Is Lake Mills a buyer’s or seller’s market?
A seller’s market: there were 2.8 months of supply in Lake Mills, IA 50450 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Lake Mills?
The typical home went under contract in 31 days in the latest three months.
Do homes in Lake Mills sell over asking?
38% of homes sold above their original list price, and the typical sale closed at 99.6% of the list price.
What are property taxes in Lake Mills?
About 1.32% of a home’s value a year in Winnebago County, or roughly $5,280 on a $400,000 home.
What is the median home price in Lake Mills?
The median sale price was $167,428 in the three months ending August 31, 2026, about $116 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology