Lake Mills, WI housing market
Homes typically sell in 39 days, close to asking.
Home values, sales, trends and how Lake Mills compares with the towns next door — updated as new data is published.
Lake Mills at a glance
A seller's market
Supply is tight — about 3.4 months of homes for sale at the current pace. Buyers should expect competition on well-priced homes.
Home prices up 56% in 5 years
The federal house price index for the ZIP code around Lake Mills rose 56% over the past 5 years, about the same as across Wisconsin. Last year prices rose 4.5%. Carrying the Census median home value forward with that index puts the typical Lake Mills home at roughly $408,000 today.
Show as a table
| Year | Change that year | Since 2000 | Wisconsin since 2000 |
|---|---|---|---|
| 2025 | +4.5% | +162% | +143% |
| 2024 | +8% | +151% | +131% |
| 2023 | +14% | +132% | +116% |
| 2022 | +10% | +104% | +95% |
| 2021 | +9.8% | +85% | +70% |
| 2020 | +2.1% | +68% | +54% |
| 2019 | +4.9% | +65% | +50% |
| 2018 | +4.9% | +57% | +43% |
| 2017 | +6.8% | +50% | +36% |
| 2016 | +2% | +40% | +29% |
| 2015 | +4.5% | +37% | +24% |
| 2014 | +3.3% | +31% | +21% |
| 2013 | +1.4% | +27% | +19% |
| 2012 | −0.5% | +26% | +19% |
| 2011 | −3.8% | +26% | +21% |
| 2010 | −3.7% | +31% | +25% |
| 2009 | −1.9% | +36% | +31% |
| 2008 | +0.4% | +39% | +36% |
| 2007 | −0.4% | +38% | +38% |
| 2006 | +5.7% | +39% | +36% |
| 2005 | +9.9% | +31% | +32% |
| 2004 | +7.8% | +20% | +21% |
| 2003 | +4.1% | +11% | +13% |
| 2002 | +2.2% | +6.5% | +9.3% |
| 2001 | +4.2% | +4.2% | +5.2% |
| 2000 | — | — | — |
How Lake Mills ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP code 53551, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
15 new homes permitted in 2025
Builders were permitted 15 new homes in Lake Mills in 2025, all single-family houses, worth about $3.8 million to build. That's 2.3 per 1,000 residents, slower than across Wisconsin (4.3). Over the past 10 years, Lake Mills has permitted 438 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Lake Mills gained 503 residents while 219 new homes were permitted: about 2.3 new residents per new home. Building and growth moved roughly in step. Across Wisconsin: 1.3 new residents per new home.
How Lake Mills ranks on housing keeping up with growth →
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) | 6 | 6 | 0 | $2.1 million |
| 2025 | 15 | 15 | 0 | $3.8 million |
| 2024 | 16 | 16 | 0 | $5 million |
| 2023 | 13 | 13 | 0 | $2.6 million |
| 2022 | 97 | 17 | 80 | $13.4 million |
| 2021 | 33 | 30 | 3 | $6.5 million |
| 2020 | 129 | 17 | 112 | $11 million |
| 2019 | 30 | 14 | 16 | $4.8 million |
| 2018 | 48 | 8 | 40 | $6.3 million |
| 2017 | 19 | 13 | 6 | $3.8 million |
| 2016 | 38 | 24 | 14 | $7.1 million |
| 2015 | 29 | 25 | 4 | $6.7 million |
| 2014 | 9 | 9 | 0 | $2.3 million |
| 2013 | 9 | 9 | 0 | $2.3 million |
| 2012 | 6 | 6 | 0 | $1.1 million |
| 2011 | 11 | 11 | 0 | $2 million |
| 2010 | 20 | 20 | 0 | $3.5 million |
| 2009 | 18 | 18 | 0 | $3.4 million |
| 2008 | 17 | 17 | 0 | $3.4 million |
| 2007 | 51 | 25 | 26 | $6.4 million |
| 2006 | 39 | 15 | 24 | $4.3 million |
| 2005 | 101 | 33 | 68 | $7.2 million |
| 2004 | 147 | 47 | 100 | $12.1 million |
| 2003 | 39 | 39 | 0 | $4.6 million |
| 2002 | 22 | 18 | 4 | $2.9 million |
| 2001 | 17 | 15 | 2 | $2.3 million |
| 2000 | 24 | 22 | 2 | $3.3 million |
Lake Mills's permit office reported 8 of 12 months in 2025; the Census estimated the rest.
How Lake Mills ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Lake Mills and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Lake Mills | — | +4.5%† | $1,220 | 15 | $91,027 |
| Lake Mills | $433K | +4.1% | $1,270 | — | $119,485 |
| Aztalan | — | +7.5%† | $1,210 | — | $105,000 |
| Milford | — | +3.8%† | $1,250 | — | $88,355 |
† FHFA price index change, where Zillow has no home value for the town.
3.5 years of income
The typical Lake Mills home costs about 3.5 years of the town's median household income, less than across Wisconsin (4.4 years).
How Lake Mills ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,220
HUD's Fair Market Rent for a two-bedroom in Lake Mills is $1,220 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Lake Mills pay a median of $1,209. A two-bedroom takes about 16% of the town's median household income.
Studio $840 · 4 bedrooms $1,620
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (53551; Jefferson County, WI), 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.
Recent listings in Lake Mills
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.