Is Big Lake, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
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
$347,750
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Big Lake have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in Big Lake was $347,750 in November 2023, up 2.3% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $160K | $168.4K | +5.3% |
| 2 Bedrooms | $299K | $305.4K | +2.2% |
| 3 Bedrooms | $330.9K | $347.7K | +5.1% |
| 4 Bedrooms | $364.9K | $366.2K | 0.4% |
| 5+ Bedrooms | $417.5K | $382.5K | -8.4% |
Summary: Big Lake housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 5.3%, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes decreased by 8.4%.
Median Sold Price Compared To Nearby Cities
| Big Lake | $340K | $347.7K | +2.3% |
| Big Lake Township | $350K | $355K | +1.4% |
Housing Supply in Big Lake, MN
How many homes are available in Big Lake, MN?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 87 | 74 | -14.9% |
Summary: The Big Lake real estate market had 74 homes for sale in November 2023, a 14.9% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 16 | 14 | -12.5% |
| 3 Bedrooms | 28 | 27 | -3.6% |
| 4 Bedrooms | 31 | 22 | -29.0% |
| 5+ Bedrooms | 11 | 11 | 0.0% |
Summary: The Big Lake housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 12.5%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes decreased by 29%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 30 | 15 | -50.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Big Lake, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in Big Lake in November 2023, down by 50.0% month-over-month. Of the 15 sold homes, 53% were sold under asking, 13% were sold at asking, and 33% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 39 Days | 21 Days | -46.0% |
Summary: Homes in Big Lake had an average of 21 days on market in Nov 2023, down by 46% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
2 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 November 2023, 15 homes were sold in Big Lake; 80% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
