Is Lake Elmo, MN 55042 a buyer’s or seller’s market?

The Lake Elmo housing market right now

In the three months ending August 31, 2026, 25% of homes in Lake Elmo, MN 55042 sold above their list price, the typical home went under contract in 32 days and there were 1.8 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 82 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 21%, homes sold about as fast and the median sale price rose 16% to $757,672. Overall, Lake Elmo is more competitive than a year ago, so tougher for buyers.

Within Washington County, homes here sell more slowly than in 73% of the county’s ZIP codes, and sell less often over asking than in 80%. On our competition score, Lake Elmo ranks #197 of 296 MN ZIP codes with enough sales (score 60 out of 100).

Nearby, buyers who want less competition could look at Willernie 55090 (0% sold over asking) or Afton 55001 (0% sold over asking), while Saint Paul Park 55071 (60% sold over asking) and Saint Paul 55128 (43% sold over asking) are even more competitive.