Lakefield, MN housing market
The typical Lakefield home is worth about $207,000, about the same as a year ago, 41% below the Minnesota typical home.
Home values, sales, trends and how Lakefield compares with the towns next door — updated as new data is published.
Lakefield at a glance
Typical home value, 2016–2026
Show as a table
| January | Lakefield | Minnesota |
|---|---|---|
| 2017 | $110,000 | $217,000 |
| 2018 | $111,000 | $232,000 |
| 2019 | $118,000 | $246,000 |
| 2020 | $127,000 | $259,000 |
| 2021 | $139,000 | $282,000 |
| 2022 | $154,000 | $313,000 |
| 2023 | $171,000 | $325,000 |
| 2024 | $178,000 | $331,000 |
| 2025 | $191,000 | $341,000 |
| 2026 | $212,000 | $349,000 |
| August 2026 | $207,000 | $351,000 |
2 new homes permitted in 2025
Builders were permitted 2 new homes in Lakefield in 2025, all single-family houses, worth about $1.3 million to build. That's 1.3 per 1,000 residents, slower than across Minnesota (3.8). Over the past 10 years, Lakefield has permitted 19 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Lakefield gained 41 residents while 16 new homes were permitted: about 2.6 new residents per new home. Building and growth moved roughly in step. Across Minnesota: 2.2 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 1 | 1 | 0 | $650,000 |
| 2025 | 2 | 2 | 0 | $1.3 million |
| 2024 | 4 | 2 | 2 | $1.5 million |
| 2023 | 1 | 1 | 0 | $400,000 |
| 2022 | 2 | 2 | 0 | $575,000 |
| 2021 | 4 | 4 | 0 | $865,000 |
| 2020 | 1 | 1 | 0 | $150,000 |
| 2019 | 2 | 2 | 0 | $300,000 |
| 2018 | 1 | 1 | 0 | $350,000 |
| 2017 | 2 | 2 | 0 | $300,000 |
| 2016 | 0 | 0 | 0 | — |
| 2015 | 7 | 7 | 0 | $1.5 million |
| 2014 | 0 | 0 | 0 | — |
| 2013 | 1 | 1 | 0 | $250,000 |
| 2012 | 1 | 1 | 0 | $150,000 |
| 2011 | 1 | 1 | 0 | $150,000 |
| 2010 | 1 | 1 | 0 | $75,000 |
| 2009 | 2 | 2 | 0 | $393,000 |
| 2008 | 2 | 2 | 0 | $317,000 |
| 2007 | 0 | 0 | 0 | — |
| 2006 | 1 | 1 | 0 | $125,000 |
| 2005 | 0 | 0 | 0 | — |
| 2004 | 5 | 5 | 0 | $750,000 |
| 2003 | 2 | 2 | 0 | $255,000 |
| 2002 | 4 | 4 | 0 | $540,000 |
| 2001 | 5 | 5 | 0 | $854,000 |
| 2000 | 0 | 0 | 0 | — |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Lakefield and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Lakefield | $207K | 0% | $1,050 | 2 | $71,648 |
| Heron Lake | $115K | −0.9% | $1,050 | — | $94,107 |
2.9 years of income
The typical Lakefield home costs about 2.9 years of the town's median household income, less than across Minnesota (3.9 years).
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,050
HUD's Fair Market Rent for a two-bedroom in Lakefield is $1,050 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Lakefield pay a median of $770, so moving in tends to cost more than staying put. A two-bedroom takes about 18% of the town's median household income.
Studio $720 · 4 bedrooms $1,390
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (56150; Jackson County, MN), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.