Is Big Lake, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Big Lake has remained a Seller's Market.
Key Takeaway
Big Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Big Lake, MN
How much do homes in Big Lake, MN cost?
Median Sold Price
$345,000
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Big Lake have sold for 1.4% less than they did a year ago.
Summary: The median home sold price in Big Lake was $345,000 in March 2024, down 1.4% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $161K | $160.8K | -0.1% |
| 2 Bedrooms | $279.5K | $301K | +7.7% |
| 3 Bedrooms | $340K | $345K | +1.5% |
| 4 Bedrooms | $367.4K | $365K | -0.7% |
| 5+ Bedrooms | $430K | $375K | -12.8% |
Summary: Big Lake housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.1%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 1.5%, 4 bedroom homes decreased by 0.7%, and 5+ bedroom homes decreased by 12.8%.
Median Sold Price Compared To Nearby Cities
| Big Lake Township | $350K | $349.9K | 0% |
| Big Lake | $350K | $345K | -1.4% |
Housing Supply in Big Lake, MN
How many homes are available in Big Lake, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 72 | 86 | +19.4% |
Summary: The Big Lake real estate market had 86 homes for sale in March 2024, a 19.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 12 | 17 | +41.7% |
| 3 Bedrooms | 21 | 27 | +28.6% |
| 4 Bedrooms | 24 | 19 | -20.8% |
| 5+ Bedrooms | 14 | 21 | +50.0% |
Summary: The Big Lake housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 41.7%, 3 bedroom homes increased by 28.6%, 4 bedroom homes decreased by 20.8%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 16 | 15 | -6.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Big Lake, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Big Lake in March 2024, down by 6.3% month-over-month. Of the 15 sold homes, 27% were sold under asking, 27% were sold at asking, and 47% were sold over asking.
Days on Market for Big Lake, MN
How long does it take to sell a home in Big Lake, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 34 Days | 25 Days | -26.5% |
Summary: Homes in Big Lake had an average of 25 days on market in Mar 2024, down by 26.5% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Big Lake are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 15 homes were sold in Big Lake; 60% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
