$5,818 Closing Credit*
$489,900
2,402 SqFt
3 Beds
•2 Full Baths, 1 Partial
Listing Office: A.J. Neal, Inc
Is Forest Lake, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
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.
Housing Prices in Forest Lake, MN
How much do homes in Forest Lake, MN cost?
Median Sold Price
$395,000
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$5,183(+1.3%)
Key Takeaway
Homes in Forest Lake have sold for 1.3% more than they did a year ago.
Summary: The median home sold price in Forest Lake was $395,000 in November 2024, up 1.3% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $455K | +250.0% |
| 2 Bedrooms | $298K | $294K | -1.3% |
| 3 Bedrooms | $386.7K | $380K | -1.7% |
| 4 Bedrooms | $435K | $430K | -1.1% |
| 5+ Bedrooms | $530K | $507.5K | -4.2% |
Summary: Forest Lake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 250%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes decreased by 4.2%.
Median Sold Price Compared To Nearby Cities
| Forest Lake | $380K | $390K | +2.6% |
| Wyoming | $375K | $383.6K | +2.3% |
| Forest Lake | $389.8K | $395K | +1.3% |
| Wyoming | $399.9K | $405K | +1.3% |
| Columbus | $513K | $464.1K | -9.5% |
Housing Supply in Forest Lake, MN
How many homes are available in Forest Lake, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 130 | 124 | -4.6% |
Summary: The Forest Lake real estate market had 124 homes for sale in November 2024, a 4.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 35 | 34 | -2.9% |
| 3 Bedrooms | 52 | 45 | -13.5% |
| 4 Bedrooms | 35 | 35 | 0.0% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The Forest Lake housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes decreased by 13.5%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 26 | 25 | -3.8% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Forest Lake, you could pay more than the asking price. 56% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Forest Lake in November 2024, down by 3.8% month-over-month. Of the 25 sold homes, 32% were sold under asking, 12% were sold at asking, and 56% were sold over asking.
Days on Market for Forest Lake, MN
How long does it take to sell a home in Forest Lake, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 41 Days | 44 Days | +7.1% |
Summary: Homes in Forest Lake had an average of 44 days on market in Nov 2024, up by 7.1% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Forest Lake are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 25 homes were sold in Forest Lake; 56% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
