Is Balaton, MN 56115 a buyer’s or seller’s market?
Balaton is a seller’s market. With about 2.1 months of supply and 50% 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 Balaton housing market right now
In the three months ending August 31, 2026, 50% of homes in Balaton, MN 56115 sold above their list price, the typical home went under contract in 30 days and there were 2.1 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 6 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 25%, homes sold more slowly (22 days then) and the median sale price rose 27% to $212,166. Overall, Balaton is more competitive than a year ago, so tougher for buyers.
Within Lyon County, homes here sell more slowly than in 67% of the county’s ZIP codes, and sell more often over asking than in 83%.
Nearby, buyers who want less competition could look at Ghent 56239 (0% sold over asking) or Tracy 56175 (13% sold over asking).
Run the numbers for 56115
Nearby markets
Cottonwood 56229Seller’s market $103 /sq ftGarvin 56132Buyer’s market $188 /sq ftGhent 56239Seller’s market $160 /sq ftLynd 56157 — /sq ft Browse all markets →Towns like Balaton nearby
Find towns like Balaton in other states →Where Balaton is
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Questions about Balaton real estate
Is Balaton a buyer’s or seller’s market?
A seller’s market: there were 2.1 months of supply in Balaton, MN 56115 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 Balaton?
The typical home went under contract in 30 days in the latest three months.
Do homes in Balaton sell over asking?
50% of homes sold above their original list price, and the typical sale closed at 99.3% of the list price.
What are property taxes in Balaton?
About 1.06% of a home’s value a year in Lyon County, or roughly $4,240 on a $400,000 home.
What is the median home price in Balaton?
The median sale price was $212,166 in the three months ending August 31, 2026, about $106 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