Duluth, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Duluth, 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 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

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

Duluth Housing Market Information

With 86,293 people, 35,729 houses or apartments, and a median cost of homes of $184,840, Duluth real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Duluth, accounting for 61.99% of the city's housing units. Other types of housing that are prevalent in Duluth include large apartment complexes or high rise apartments ( 20.64%), duplexes, homes converted to apartments or other small apartment buildings ( 11.96%), and a few row houses and other attached homes ( 2.98%).

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

The housing in Duluth was primarily built before 1939 ( 43.96%), making the housing stock in Duluth some of the oldest overall in America, although there is a range of ages of homes in Duluth. The next most important housing age is between 1940-1969 ( 27.90%), followed by between 1970-1999 ( 20.84%). There's also some housing in Duluth built between 2000 and later ( 7.30%).

Duluth Home Appreciation Rates

Appreciation rates for homes in Duluth have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 8.32%, which ranks in the top 50% nationwide. This equates to an annual average Duluth house appreciation rate of 0.80%.

NeighborhoodScout's data show that during the latest twelve months, Duluth's appreciation rate, at 7.18%, has been at or slightly above the national average. In the latest quarter, Duluth's appreciation rate has been 2.55%, which annualizes to a rate of 10.61%.

Importantly, this makes Duluth one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Minnesota, our data show that Duluth's latest annual appreciation rate is higher than 70% 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 Duluth differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Duluth - 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 Duluth real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$184,840

Duluth, MN HOME PRICES

Value Range
> $1,161,447 0.5
$871,369 - $1,161,447 0.5
$580,869 - $871,368 2.9
$464,606 - $580,868 2.6
$348,633 - $464,605 6.1
$232,294 - $348,632 15.1
$116,026 - $232,293 50.5
$58,184 - $116,025 16.7
$0 - $58,183 5.1

Average for MN
High for Nation

Value Relative to Nation Value Relative to State
39.836496350365 52.1560574948665

Number Of Homes And Apartments:
35,729

Duluth Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2017 Q4 - 2018 Q1
Last 12 Months:
2017 Q1 - 2018 Q1
Last 2 Years:
2016 Q1 - 2018 Q1
Last 5 Years:
2013 Q1 - 2018 Q1
Last 10 Years:
2008 Q1 - 2018 Q1
Since 2000:
2000 Q1 - 2018 Q1
61.53% 2.66%
8
7
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$1,015 / per month

Homeownership Rate

Homeownership
Owners 55.56
Renters 44.44
Vacant 6.62

Housing Market Details

 

Age of Homes

AGE OF Duluth HOMES
2000 or Newer 7.3
1970 - 1999 20.8
1940 - 1969 27.9
1939 or Older 44.0

Types of Homes

TYPE OF Duluth HOMES
Single-Family 62.0
Townhomes 3.0
Small Apt. Buildings 12.0
Apt. Complexes 20.6
Mobile Homes 2.4
Other 0.0

Home Size

SIZE OF Duluth HOMES
No Bedroom 5.22
1 Bedroom 14.80
2 Bedrooms 29.39
3 Bedrooms 33.71
4 Bedrooms 12.29
5 or more bedrooms 4.59