Sold: Slow and Steady Home Sales in Mendota Heights Area

Home sales remain slow in the Mendota Heights, Mendota and Lilydale area, with only one home changing hands in the last week. The slow sales rate can be blamed on price point.  

Most homes on the market in the Mendota Heights area are priced in the higher brackets. Only 21 of the 113 homes currently on the market are selling below $175,000, with about half of those being condo units.

This keeps first-time buyers looking for a single family home—a group helping lead sales elsewhere—priced out of the market. Many buyers hoping to move up from a current home to a higher-priced home have to sell their house before they can buy.

It’s a vicious circle, but there is reason to be optimistic. As the market for lower-priced homes continues to expand, more expensive homes will begin to sell.  

1) 5 Lilywood Lane, Lilydale

Listed by: Edina Realty

Detached townhome

Four bedrooms, five baths

Days on Market: 96

Closed: July 18,  2011

Original List Price: $360,000

List Price at Time of Offer: $299,900

Sold Price: $285,200

Seller contribution $9,006