Here are some possible pros and cons of purchasing real estate in Lilydale, Minnesota:

Pros:
- Scenic location: Lilydale is situated on the bluffs of the Mississippi River, which can provide residents with beautiful views and outdoor recreational opportunities.
- Small community: With a population of around 700, Lilydale is a tight-knit and close community where residents can get to know each other and enjoy a peaceful atmosphere.
- Proximity to the city: Although Lilydale may feel like a rural area, it is only a short drive away from downtown St. Paul, which provides residents with access to urban amenities, such as restaurants, shopping, and entertainment.
- Good schools: Lilydale is part of the West St. Paul-Mendota Heights-Eagan Area School District, which has a reputation for high-quality education.

Cons:
- Flooding risk: Because Lilydale is situated on the bluffs of the Mississippi River, it is prone to flooding during heavy rainfalls or when the river level rises. This can result in property damage and potential safety concerns.
- Limited real estate options: Due to its small size, Lilydale may have limited options when it comes to available properties for sale, which can make it harder to find the right fit for your needs.
- High property values: According to Zillow, the median home value in Lilydale is around $500,000, which may be higher than what some buyers are looking to spend.
- Harsh weather: Like many parts of Minnesota, Lilydale can experience frigid winters with heavy snowfall, which may not be appealing to everyone.

These are just a few factors to consider when weighing the pros and cons of purchasing real estate in Lilydale, Minnesota. Other factors that may be important to you could include local taxes, crime rates, amenities, and more. It's always a good idea to do your research and speak with a local real estate agent who can provide more insight into the current market conditions and any particular issues to be aware of.