Albert Lea, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Albert Lea Neighborhoods Since 2000




Albert Lea, 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

Albert Lea Housing Market Information

With 17,674 people, 7,925 houses or apartments, and a median cost of homes of $89,422, house prices in Albert Lea are some of the most affordable in Minnesota as well as the nation.

Single-family detached homes are the single most common housing type in Albert Lea, accounting for 68.48% of the city's housing units. Other types of housing that are prevalent in Albert Lea include large apartment complexes or high rise apartments ( 18.65%), row houses and other attached homes ( 5.17%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.95%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Albert Lea. Owner-occupied housing accounts for 67.58% of Albert Lea's homes, and 50.89% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Albert Lea's housing was primarily built during this period, from the '40s through the '60s. A full 43.21% of the city's housing hails from this era. Other housing ages represented in Albert Lea include homes built between 1970-1999 ( 28.27%) and housing constructed before 1939 ( 23.60%). There's also some housing in Albert Lea built between 2000 and later ( 4.92%).

Albert Lea Home Appreciation Rates

Albert Lea's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Albert Lea during the period has been just -0.99%, which is lower than 70% of US communities.

Over the last year, Albert Lea appreciation rates have trailed the rest of the nation. In the last twelve months, Albert Lea's appreciation rate has been 1.50%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Albert Lea were at -0.47%, which equates to an annual appreciation rate of -1.86%.

Relative to Minnesota, our data show that Albert Lea's latest annual appreciation rate is lower than 90% of the other cities and towns in Minnesota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Albert Lea differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Albert Lea - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Albert Lea real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$89,422

Albert Lea, MN HOME PRICES

Value Range
> $1,040,000 0.2
$780,001 - $1,040,000 0.0
$520,001 - $780,000 0.3
$416,001 - $520,000 1.0
$312,001 - $416,000 1.8
$208,001 - $312,000 6.5
$104,001 - $208,000 32.0
$52,001 - $104,000 42.1
$0 - $52,000 16.2

Very Low for MN
Very Low for Nation

Value Relative to Nation Value Relative to State
84.4017344427517 95.6878850102669

Number Of Homes And Apartments:
7,925

Albert Lea 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
9.32% 0.52% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$680 / per month

Homeownership Rate

Homeownership
Owners 67.58
Renters 32.42
Vacant 7.67

Housing Market Details

 

Age of Homes

AGE OF Albert Lea HOMES
2000 or Newer 4.9
1970 - 1999 28.3
1940 - 1969 43.2
1939 or Older 23.6

Types of Homes

TYPE OF Albert Lea HOMES
Single-Family 68.5
Townhomes 5.2
Small Apt. Buildings 5.0
Apt. Complexes 18.7
Mobile Homes 2.7
Other 0.0

Home Size

SIZE OF Albert Lea HOMES
No Bedroom 2.32
1 Bedroom 14.74
2 Bedrooms 28.65
3 Bedrooms 36.95
4 Bedrooms 13.95
5 or more bedrooms 3.40