Edina, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Edina, 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

Edina Housing Market Information

With 50,138 people, 20,881 houses or apartments, and a median cost of homes of $484,984, Edina house prices are not only among the most expensive in Minnesota, Edina real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Edina, accounting for 56.72% of the city's housing units. Other types of housing that are prevalent in Edina include large apartment complexes or high rise apartments ( 34.53%), row houses and other attached homes ( 6.21%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.22%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Edina. Owner-occupied housing accounts for 73.07% of Edina's homes, and 46.73% 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. Edina's housing was primarily built during this period, from the '40s through the '60s. A full 48.33% of the city's housing hails from this era. Other housing ages represented in Edina include homes built between 1970-1999 ( 35.57%) and housing constructed between 2000 and later ( 8.46%). There's also some housing in Edina built before 1939 ( 7.64%).

Edina Home Appreciation Rates

Appreciation rates for homes in Edina have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.63%, which ranks in the top 30% nationwide. This equates to an annual average Edina house appreciation rate of 1.01%.

Appreciation rates are so strong in Edina that despite a nationwide downturn in the housing market, Edina real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Edina appreciation rates continue to be some of the highest in America, at 5.92%, which is higher than appreciation rates in 73.35% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Edina. Edina appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.89%.

Relative to Minnesota, our data show that Edina'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 Edina differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Edina - 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 Edina real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$484,984

Edina, MN HOME PRICES

Value Range
> $1,167,000 8.0
$875,001 - $1,167,000 9.3
$583,001 - $875,000 18.0
$466,001 - $583,000 15.1
$350,001 - $466,000 18.3
$233,001 - $350,000 11.7
$116,001 - $233,000 12.6
$58,001 - $116,000 5.0
$0 - $58,000 2.0

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
6.32251259814837 2.25872689938398

Number Of Homes And Apartments:
20,881

Edina 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
66.99% 3.02% 9 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,610 / per month

Homeownership Rate

Homeownership
Owners 73.07
Renters 26.93
Vacant 6.63

Housing Market Details

 

Age of Homes

AGE OF Edina HOMES
2000 or Newer 8.5
1970 - 1999 35.6
1940 - 1969 48.3
1939 or Older 7.6

Types of Homes

TYPE OF Edina HOMES
Single-Family 56.7
Townhomes 6.2
Small Apt. Buildings 2.2
Apt. Complexes 34.5
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Edina HOMES
No Bedroom 2.18
1 Bedroom 15.39
2 Bedrooms 25.09
3 Bedrooms 23.70
4 Bedrooms 23.03
5 or more bedrooms 10.61