Forest Lake, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Forest Lake Neighborhoods Since 2000




Forest Lake, MN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Forest Lake Housing Market Information

With 19,618 people, 7,082 houses or apartments, and a median cost of homes of $295,697, 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 69.50% of the city's housing units. Other types of housing that are prevalent in Forest Lake include row houses and other attached homes ( 14.45%), large apartment complexes or high rise apartments ( 13.97%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.23%).

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 73.28% of Forest Lake's homes, and 61.03% 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 ( 27.29%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.08%). There's also some housing in Forest Lake built before 1939 ( 7.80%).

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 -1.41%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Forest Lake's appreciation rate, at 5.20%, has been at or slightly above the national average. In the latest quarter, Forest Lake's appreciation rate has been 1.44%, which annualizes to a rate of 5.89%.

Relative to Minnesota, our data show that Forest Lake's latest annual appreciation rate is higher than 60% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$295,697

Forest Lake, MN HOME PRICES

Value Range
> $1,174,000 0.2
$880,001 - $1,174,000 0.6
$587,001 - $880,000 2.9
$469,001 - $587,000 5.1
$352,001 - $469,000 16.8
$235,001 - $352,000 31.5
$117,001 - $235,000 37.3
$59,001 - $117,000 2.6
$0 - $59,000 3.0

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
16.6647134653697 11.088295687885

Number Of Homes And Apartments:
7,082

Forest Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
27.07% 1.40% 3 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,365 / per month

Homeownership Rate

Homeownership
Owners 73.28
Renters 26.72
Vacant 5.26

Housing Market Details

 

Age of Homes

AGE OF Forest Lake HOMES
2000 or Newer 27.3
1970 - 1999 49.8
1940 - 1969 15.1
1939 or Older 7.8

Types of Homes

TYPE OF Forest Lake HOMES
Single-Family 69.5
Townhomes 14.4
Small Apt. Buildings 1.2
Apt. Complexes 14.0
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Forest Lake HOMES
No Bedroom 0.36
1 Bedroom 8.86
2 Bedrooms 24.76
3 Bedrooms 39.84
4 Bedrooms 21.19
5 or more bedrooms 4.99