Is Lafayette, MN 56054 a buyer’s or seller’s market?
Lafayette is a buyer’s market. With about 6.4 months of supply, buyers usually have more time and more room to negotiate on price and terms.
The Lafayette housing market right now
In the three months ending August 31, 2026, 0% of homes in Lafayette, MN 56054 sold above their list price, the typical home went under contract in 8 days and there were 6.4 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 1 sale, 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 (0% then), homes sold faster (101 days then) and the median sale price rose 7% to $224,903. Overall, Lafayette is more competitive than a year ago, so tougher for buyers.
Within Nicollet County, homes here sell faster, and less often over asking, than in any other ZIP code in the county.
Nearby, Courtland 56021 (33% sold over asking) and Nicollet 56074 (33% sold over asking) are even more competitive.
Run the numbers for 56054
Nearby markets
Courtland 56021Seller’s market $140 /sq ftMankato 56003Seller’s market $162 /sq ftNicollet 56074Seller’s market $160 /sq ftSaint Peter 56082Seller’s market $169 /sq ft Browse all markets →Where Lafayette is
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Questions about Lafayette real estate
Is Lafayette a buyer’s or seller’s market?
A buyer’s market: there were 6.4 months of supply in Lafayette, MN 56054 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 Lafayette?
The typical home went under contract in 8 days in the latest three months.
Do homes in Lafayette sell over asking?
0% of homes sold above their original list price, and the typical sale closed at 97.9% of the list price.
What are property taxes in Lafayette?
About 1.13% of a home’s value a year in Nicollet County, or roughly $4,520 on a $400,000 home.
What is the median home price in Lafayette?
The median sale price was $224,903 in the three months ending August 31, 2026, about $93 per square foot.
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More tools for 56054
Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology