Forest Lake, MN housing market
The typical Forest Lake home is worth about $429,000, up 3.6% in a year, 22% above the Minnesota typical home. Homes typically sell in 22 days, close to asking.
Home values, sales, trends and how Forest Lake compares with the towns next door — updated as new data is published.
Forest Lake at a glance
A seller's market
Supply is tight — about 2.1 months of homes for sale at the current pace. Buyers should expect competition on well-priced homes.
Typical home value, 2016–2026
Show as a table
| January | Forest Lake | Minnesota |
|---|---|---|
| 2017 | $268,000 | $217,000 |
| 2018 | $285,000 | $232,000 |
| 2019 | $299,000 | $246,000 |
| 2020 | $315,000 | $259,000 |
| 2021 | $343,000 | $282,000 |
| 2022 | $388,000 | $313,000 |
| 2023 | $401,000 | $325,000 |
| 2024 | $406,000 | $331,000 |
| 2025 | $418,000 | $341,000 |
| 2026 | $422,000 | $349,000 |
| August 2026 | $429,000 | $351,000 |
86 new homes permitted in 2025
Builders were permitted 86 new homes in Forest Lake in 2025: 64 single-family houses and 22 in buildings with two or more homes, worth about $25 million to build. That's 4.1 per 1,000 residents, about the pace of Minnesota as a whole. Over the past 10 years, Forest Lake has permitted 1,294 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Forest Lake gained 2,236 residents while 1,233 new homes were permitted: about 1.8 new residents per new home. Building and growth moved roughly in step. Across Minnesota: 2.2 new residents per new home.
How Forest Lake ranks on housing keeping up with growth →
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 42 | 32 | 10 | $12.8 million |
| 2025 | 86 | 64 | 22 | $25 million |
| 2024 | 121 | 38 | 83 | $23.8 million |
| 2023 | 22 | 18 | 4 | $7.8 million |
| 2022 | 31 | 27 | 4 | $13.2 million |
| 2021 | 202 | 31 | 171 | $33.3 million |
| 2020 | 53 | 43 | 10 | $13.7 million |
| 2019 | 192 | 52 | 140 | $32.6 million |
| 2018 | 318 | 53 | 265 | $45 million |
| 2017 | 159 | 51 | 108 | $26.5 million |
| 2016 | 110 | 30 | 80 | $15.9 million |
| 2015 | 81 | 45 | 36 | $15.8 million |
| 2014 | 79 | 60 | 19 | $17.9 million |
| 2013 | 98 | 68 | 30 | $19 million |
| 2012 | 59 | 29 | 30 | $8.8 million |
| 2011 | 88 | 22 | 66 | $11.5 million |
| 2010 | 49 | 19 | 30 | $6.7 million |
| 2009 | 11 | 11 | 0 | $2.7 million |
| 2008 | 20 | 20 | 0 | $5.5 million |
| 2007 | 83 | 83 | 0 | $17.5 million |
| 2006 | 130 | 92 | 38 | $21.7 million |
| 2005 | 121 | 115 | 6 | $21.3 million |
| 2004 | 275 | 265 | 10 | $41.9 million |
| 2003 | 502 | 502 | 0 | $70.4 million |
| 2002 | 380 | 318 | 62 | $49.1 million |
| 2001 | 103 | 91 | 12 | $12 million |
| 2000 | 63 | 55 | 8 | $6.7 million |
How Forest Lake ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Forest Lake and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Forest Lake | $429K | +3.6% | $1,680 | 86 | $92,944 |
| Scandia | $554K | +4.5% | $1,860 | 8 | $101,953 |
| Hugo | $438K | +2.6% | $2,170 | 188 | $116,228 |
| Columbus | $481K | +3.8% | $1,690 | 3 | $123,194 |
| Wyoming | $395K | +2.4% | $1,580 | 29 | $107,565 |
| Chisago City | $443K | +2.3% | $1,540 | — | $102,197 |
| Chisago Lake | — | +1.5%† | $1,530 | — | $133,220 |
† FHFA price index change, where Zillow has no home value for the town.
4.6 years of income
The typical Forest Lake home costs about 4.6 years of the town's median household income, more than across Minnesota (3.9 years).
How Forest Lake ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,680
HUD's Fair Market Rent for a two-bedroom in Forest Lake is $1,680 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Forest Lake pay a median of $1,421, so moving in tends to cost more than staying put. A two-bedroom takes about 22% of the town's median household income.
Studio $1,220 · 4 bedrooms $2,490
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (55025, 55073; Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.