Is Silver Lake, MN 55381 a buyer’s or seller’s market?
Silver Lake is a balanced market. With about 5.1 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
The Silver Lake housing market right now
In the three months ending August 31, 2026, 20% of homes in Silver Lake, MN 55381 sold above their list price, the typical home went under contract in 24 days and there were 5.1 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. With only 5 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking was about the same (20% then), homes sold more slowly (7 days then) and the median sale price fell 4% to $264,885. Overall, Silver Lake is less competitive than a year ago, which gives buyers more room.
Within McLeod County, homes here sell more slowly than in 57% of the county’s ZIP codes, and sell less often over asking than in any other ZIP code in the county.
Nearby, Plato 55370 (100% sold over asking) and Brownton 55312 (50% sold over asking) are even more competitive.
Run the numbers for 55381
Nearby markets
Brownton 55312Buyer’s market $137 /sq ftGlencoe 55336Seller’s market $166 /sq ftHutchinson 55350Seller’s market $159 /sq ftLester Prairie 55354Seller’s market $143 /sq ft Browse all markets →Towns like Silver Lake nearby
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Questions about Silver Lake real estate
Is Silver Lake a buyer’s or seller’s market?
A balanced market: there were 5.1 months of supply in Silver Lake, MN 55381 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 Silver Lake?
The typical home went under contract in 24 days in the latest three months.
Do homes in Silver Lake sell over asking?
20% of homes sold above their original list price, and the typical sale closed at 95.1% of the list price.
What are property taxes in Silver Lake?
About 1.15% of a home’s value a year in McLeod County, or roughly $4,600 on a $400,000 home.
What is the median home price in Silver Lake?
The median sale price was $264,885 in the three months ending August 31, 2026, about $128 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