Detroit Lakes, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Detroit Lakes, 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

Detroit Lakes Housing Market Information

With 9,002 people, 4,045 houses or apartments, and a median cost of homes of $181,925, Detroit Lakes real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Detroit Lakes, accounting for 62.36% of the city's housing units. Other types of housing that are prevalent in Detroit Lakes include large apartment complexes or high rise apartments ( 25.92%), row houses and other attached homes ( 4.99%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.91%).

People in Detroit Lakes primarily live in small (one, two or no bedroom) single-family detached homes. Detroit Lakes has a mixture of owner-occupied and renter-occupied housing.

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. Detroit Lakes's housing was primarily built during this period, from the '40s through the '60s. A full 36.19% of the city's housing hails from this era. Other housing ages represented in Detroit Lakes include homes built between 1970-1999 ( 34.13%) and housing constructed between 2000 and later ( 17.54%). There's also some housing in Detroit Lakes built before 1939 ( 12.14%).

Vacant housing appears to be an issue in Detroit Lakes. Fully 15.92% of the housing stock is classified as vacant. Left unchecked, vacant Detroit Lakes homes and apartments can be a drag on the real estate market, holding Detroit Lakes real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Detroit Lakes Home Appreciation Rates

Appreciation rates for homes in Detroit Lakes have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.32%, which ranks in the top 50% nationwide. This equates to an annual average Detroit Lakes house appreciation rate of 0.33%.

Over the last year, Detroit Lakes appreciation rates have trailed the rest of the nation. In the last twelve months, Detroit Lakes's appreciation rate has been 0.25%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Detroit Lakes were at -0.47%, which equates to an annual appreciation rate of -1.86%.

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

Average Home Values

 

Median Home Value:
$181,925

Detroit Lakes, MN HOME PRICES

Value Range
> $1,077,000 0.4
$808,001 - $1,077,000 1.0
$538,001 - $808,000 1.1
$431,001 - $538,000 4.2
$323,001 - $431,000 5.8
$215,001 - $323,000 12.0
$108,001 - $215,000 47.1
$54,001 - $108,000 21.4
$0 - $54,000 7.0

Average for MN
High for Nation

Value Relative to Nation Value Relative to State
37.5131841087543 48.4599589322382

Number Of Homes And Apartments:
4,045

Detroit Lakes 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
62.43% 2.85% 9 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$976 / per month

Homeownership Rate

Homeownership
Owners 59.18
Renters 40.82
Vacant 15.92

Housing Market Details

 

Age of Homes

AGE OF Detroit Lakes HOMES
2000 or Newer 17.5
1970 - 1999 34.1
1940 - 1969 36.2
1939 or Older 12.1

Types of Homes

TYPE OF Detroit Lakes HOMES
Single-Family 62.4
Townhomes 5.0
Small Apt. Buildings 3.9
Apt. Complexes 25.9
Mobile Homes 2.8
Other 0.0

Home Size

SIZE OF Detroit Lakes HOMES
No Bedroom 0.37
1 Bedroom 18.10
2 Bedrooms 34.19
3 Bedrooms 28.56
4 Bedrooms 13.76
5 or more bedrooms 5.01

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Zip Codes in Detroit Lakes, MN