Forest Lake, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Forest Lake, MN Real Estate Data


Forest Lake Housing Market Information

With 19,618 people, 6,999 houses or apartments, and a median cost of homes of $278,000, Forest Lake real estate is some of the most expensive in Minnesota, although Forest Lake home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Forest Lake, accounting for 69.42% of the city's housing units. Other types of housing that are prevalent in Forest Lake include row houses and other attached homes ( 15.00%), large apartment complexes or high rise apartments ( 13.74%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.34%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Forest Lake. Owner-occupied housing accounts for 74.33% of Forest Lake's homes, and 61.22% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Forest Lake built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Forest Lake built between 2000 and later ( 26.54%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.79%). There's also some housing in Forest Lake built before 1939 ( 6.56%).

Forest Lake Home Appreciation Rates

Forest Lake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Forest Lake during the period has been just -1.25%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Forest Lake's appreciation rate, at 5.58%, has been at or slightly above the national average. In the latest quarter, Forest Lake's appreciation rate has been 2.70%, which annualizes to a rate of 11.26%.

Importantly, this makes Forest Lake one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Minnesota, our data show that Forest Lake's latest annual appreciation rate is higher than 70% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$278,000

Forest Lake, MN HOME PRICES

Value Range
> $1,211,000 0.0
$909,001 - $1,211,000 0.8
$605,001 - $909,000 3.7
$485,001 - $605,000 5.0
$364,001 - $485,000 17.7
$242,001 - $364,000 30.5
$121,001 - $242,000 38.1
$61,001 - $121,000 1.3
$0 - $61,000 3.0

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
19.2305440065585 14.1683778234086

Number Of Homes And Apartments:
6,999

Rent & Ownership

 

Average Market Rent:
$1,316 / per month

Homeownership Rate

Homeownership
Owners 74.33
Renters 25.67
Vacant 4.49

Housing Market Details

 

Age of Homes

AGE OF Forest Lake HOMES
2000 or Newer 26.5
1970 - 1999 52.1
1940 - 1969 14.8
1939 or Older 6.6

Types of Homes

TYPE OF Forest Lake HOMES
Single-Family 69.4
Townhomes 15.0
Small Apt. Buildings 1.3
Apt. Complexes 13.7
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Forest Lake HOMES
No Bedroom 0.37
1 Bedroom 8.80
2 Bedrooms 24.09
3 Bedrooms 39.00
4 Bedrooms 22.22
5 or more bedrooms 5.53

Forest Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
28.44% 1.48% 3 3
* 10 is highest