Is Forest Lake, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Forest Lake is a seller's market

Buyer's
Market

Difference Since November 2021

Since last year, Forest Lake has remained a Seller's Market.

Key Takeaway

Forest Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Forest Lake, MN cost?

Median Sold Price

$356,000

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$17,900(+5.3%)

Key Takeaway

Homes in Forest Lake have sold for 5.3% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $211K$218.7K
+3.7%
2 $241.7K$300K
+24.1%
3 $307.5K$317.5K
+3.3%
4 $400K$432.4K
+8.1%
5+ $425K$481K
+13.2%

Median Sold Price Compared To Nearby Cities

Hugo
+18.1%
Wyoming
+8.5%
Forest Lake
+7.7%
Forest Lake
+5.3%
Scandia
0.0%

How many homes are available in Forest Lake, MN?

Number of Homes For Sale

Oct 2022Nov 2022%
8364-22.9%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 22
0.0%
2 2720
-25.9%
3 2217
-22.7%
4 2217
-22.7%
5+ 108
-20.0%

Number of Homes Sold

Oct 2022Nov 2022%
2321-8.7%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Forest Lake, you may be able to get a good deal. 52.4% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
30 Days27 Days-8.9%

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Forest Lake are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Forest Lake, MN

Forest Lake, MN has 64 homes for sale to choose from. In November 2022 in Forest Lake, MN there were 22.9% less homes for sale than in October 2022. While the average time on the market in November 2022 was 27 days, the median list price was $356,000. Between October 2022 and November 2022, listing prices of homes in this real estate market have seen the following changes: 1 bedroom properties prices increased by 3.7%, prices of 2 bedrooms properties went up by 24.1%, prices of 3 bedrooms properties increased by 3.3%, 4 bedrooms properties became 8.1% more expensive, 5 bedrooms properties became 13.2% more expensive. Volume of homes for sale in this real estate market have seen the following changes: number of 1 bedroom homes remained the same, 2 bedrooms homes became 25.9% less available, 3 bedrooms homes inventory decreased by 22.7%, number of 4 bedrooms homes decreased by 22.7%, the quantity of 5 bedrooms homes went down by 20%. Over 6 listings were sold over their listed price in November 2022 in Forest Lake, MN. In the same period over 11 listings were sold below the listed price and 4 listings were sold for the listed price.

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