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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Lake Mills, WI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lake Mills, WI Housing Market Trends

With a population of 6,439, 2,464 total housing units (homes and apartments), and a median house value of $368,640, Lake Mills real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Lake Mills, accounting for 61.10% of the city's housing units. Other types of housing that are prevalent in Lake Mills include large apartment complexes or high rise apartments ( 15.85%), mobile homes or trailers ( 9.90%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.23%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake Mills. Owner-occupied housing accounts for 66.98% of Lake Mills's homes, and 60.31% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Lake Mills built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lake Mills built before 1939 ( 27.18%). A lesser amount of the housing stock also hails from between 2000 and later ( 24.65%). There's also some housing in Lake Mills built between 1940-1969 ( 17.63%).

Vacant housing appears to be an issue in Lake Mills. Fully 12.22% of the housing stock is classified as vacant. Left unchecked, vacant Lake Mills homes and apartments can be a drag on the real estate market, holding Lake Mills real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Lake Mills Home Appreciation Rates

Real estate appreciation rates in Lake Mills's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.45% during the period.

Appreciation rates are so strong in Lake Mills that despite a nationwide downturn in the housing market, Lake Mills real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake Mills appreciation rates continue to be some of the highest in America, at 9.65%, which is higher than appreciation rates in 85.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake Mills. Lake Mills appreciation rates in the latest quarter were at 1.16%, which equates to an annual appreciation rate of 4.73%.

Relative to Wisconsin, our data show that Lake Mills's latest annual appreciation rate is higher than 70% of the other cities and towns in Wisconsin.

Average Home Values

Median Home Value

$368,640

Lake Mills, WI Home Prices
> $1,381,000
$1,036,001 - $1,381,000
$691,001 - $1,036,000
$553,001 - $691,000
$415,001 - $553,000
$276,001 - $415,000
$138,001 - $276,000
$69,001 - $138,000
$0 - $69,000
3.2%
3.2%
2.2%
2.2%
1.9%
1.9%
4.8%
4.8%
25.9%
25.9%
42.6%
42.6%
13.3%
13.3%
0.0%
0.0%
6.2%
6.2%
0% 100.0%
% of Homes
High

for Wisconsin

High

for nation

Number of Homes And Apartments:

2,464

Lake Mills Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,642 / per month

Homeownership Rate

Owners
Renters
67.0%
67.0%
33.0%
33.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.2%
12.2%
87.8%
87.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
24.7%
24.7%
30.5%
30.5%
17.6%
17.6%
27.2%
27.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.1%
61.1%
5.9%
5.9%
7.2%
7.2%
15.9%
15.9%
9.9%
9.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.7%
0.7%
9.5%
9.5%
28.1%
28.1%
42.0%
42.0%
18.3%
18.3%
1.4%
1.4%
0% 100.0%
% of Homes