Market Overview
Home Prices in Forest Lake, MN
The median home value in Forest Lake, MN is $434,497 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.4% compared to a year ago and up 0.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Forest Lake are priced6% above average. Forest Lake is part of the Minneapolis-St. Paul-Bloomington, MN-WI metro area.
Over the past five years, Forest Lake home values have risen by approximately15.8%, reflecting steady appreciation in this market.
Price History
Forest Lake Home Price Trend
City Comparison
Forest Lake vs. National Median
At $434,497, homes in Forest Lake cost 6% above the national median of $410,000. Buyers in Forest Lake should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Forest Lake?
20% Down Payment
$86,899
on $434,497
Monthly P&I
$2,266/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,878/mo
incl. taxes & insurance
Income Needed
$115,120
gross annual (30% rule)
10% Down Option
$43,450
+ PMI applies
Loan Amount (20% dn)
$347,598
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Forest Lake, MN?
The median home value in Forest Lake is $434,497 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.4% year-over-year.
How much have home prices changed in Forest Lake?
Over the past year, home values in Forest Lake have increased by 3.4%. Over five years, prices have risen approximately 15.8%.
How much do I need to earn to buy a home in Forest Lake?
To comfortably afford the median home price of $434,497 with a 20% down payment ($86,899) at today's rates (6.8%), you'd need a gross annual income of approximately $115,120. This assumes keeping total housing costs at or below 30% of gross income.
How does Forest Lake compare to the national average home price?
The national median home value is approximately $410,000. At $434,497, homes in Forest Lake are 6% above the national average.
What metro area is Forest Lake part of?
Forest Lake is part of the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.