Grand Marais, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Grand Marais, 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

Grand Marais Housing Market Information

With 1,327 people, 552 houses or apartments, and a median cost of homes of $254,257, Grand Marais real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Grand Marais, accounting for 66.38% of the city's housing units. Other types of housing that are prevalent in Grand Marais include large apartment complexes or high rise apartments ( 16.74%), duplexes, homes converted to apartments or other small apartment buildings ( 8.23%), and a few row houses and other attached homes ( 7.79%).

The most prevalent building size and type in Grand Marais are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.94% owning and 42.06% renting.

There is a lot of housing in Grand Marais built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Grand Marais built between 1940-1969 ( 31.46%). A lesser amount of the housing stock also hails from before 1939 ( 17.03%). There's also some housing in Grand Marais built between 2000 and later ( 16.59%).

Vacant housing appears to be an issue in Grand Marais. Fully 20.35% of the housing stock is classified as vacant. Left unchecked, vacant Grand Marais homes and apartments can be a drag on the real estate market, holding Grand Marais 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.

Grand Marais Home Appreciation Rates

Real estate appreciation rates in Grand Marais's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.78% during the period.

Over the last year, Grand Marais appreciation rates have trailed the rest of the nation. In the last twelve months, Grand Marais's appreciation rate has been 0.93%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Grand Marais were at -0.47%, which equates to an annual appreciation rate of -1.86%.

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

Average Home Values

 

Median Home Value:
$254,257

Grand Marais, MN HOME PRICES

Value Range
> $1,016,000 0.2
$762,001 - $1,016,000 2.0
$508,001 - $762,000 5.6
$406,001 - $508,000 4.9
$305,001 - $406,000 17.5
$203,001 - $305,000 39.3
$101,001 - $203,000 24.8
$51,001 - $101,000 3.1
$0 - $51,000 2.5

Very High for MN
High for Nation

Value Relative to Nation Value Relative to State
21.8797609281613 19.3018480492813

Number Of Homes And Apartments:
552

Grand Marais 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
53.51% 2.52% 8 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$683 / per month

Homeownership Rate

Homeownership
Owners 57.94
Renters 42.06
Vacant 20.35

Housing Market Details

 

Age of Homes

AGE OF Grand Marais HOMES
2000 or Newer 16.6
1970 - 1999 34.9
1940 - 1969 31.5
1939 or Older 17.0

Types of Homes

TYPE OF Grand Marais HOMES
Single-Family 66.4
Townhomes 7.8
Small Apt. Buildings 8.2
Apt. Complexes 16.7
Mobile Homes 0.9
Other 0.0

Home Size

SIZE OF Grand Marais HOMES
No Bedroom 3.03
1 Bedroom 19.05
2 Bedrooms 26.41
3 Bedrooms 36.22
4 Bedrooms 12.99
5 or more bedrooms 2.31

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Zip Codes in Grand Marais, MN