Lake City, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lake City, 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

Lake City Housing Market Information

With a population of 5,027, 2,292 total housing units (homes and apartments), and a median house value of $153,384, Lake City real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Lake City, accounting for 69.14% of the city's housing units. Other types of housing that are prevalent in Lake City include mobile homes or trailers ( 11.39%), large apartment complexes or high rise apartments ( 10.50%), and a few row houses and other attached homes ( 4.92%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake City. Owner-occupied housing accounts for 77.18% of Lake City's homes, and 56.44% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Lake City 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 Lake City built before 1939 ( 28.63%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.01%). There's also some housing in Lake City built between 2000 and later ( 17.74%).

Vacant housing appears to be an issue in Lake City. Fully 11.81% of the housing stock is classified as vacant. Left unchecked, vacant Lake City homes and apartments can be a drag on the real estate market, holding Lake City 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.

Lake City Home Appreciation Rates

Real estate appreciation rates in Lake City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.63% during the period.

Appreciation rates are so strong in Lake City that despite a nationwide downturn in the housing market, Lake City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake City appreciation rates continue to be some of the highest in America, at 8.78%, which is higher than appreciation rates in 89.98% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake City. Lake City appreciation rates in the latest quarter were at 1.65%, which equates to an annual appreciation rate of 6.79%.

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

Average Home Values

 

Median Home Value:
$153,384

Lake City, MN HOME PRICES

Value Range
> $1,105,000 0.4
$829,001 - $1,105,000 0.9
$553,001 - $829,000 2.0
$442,001 - $553,000 1.3
$332,001 - $442,000 6.5
$221,001 - $332,000 16.1
$110,001 - $221,000 52.4
$55,001 - $110,000 8.7
$0 - $55,000 11.6

Low for MN
Average for Nation

Value Relative to Nation Value Relative to State
48.5936950662135 65.7084188911704

Number Of Homes And Apartments:
2,292

Lake City 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
29.92% 1.53% 3 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,132 / per month

Homeownership Rate

Homeownership
Owners 77.18
Renters 22.82
Vacant 11.81

Housing Market Details

 

Age of Homes

AGE OF Lake City HOMES
2000 or Newer 17.7
1970 - 1999 31.6
1940 - 1969 22.0
1939 or Older 28.6

Types of Homes

TYPE OF Lake City HOMES
Single-Family 69.1
Townhomes 4.9
Small Apt. Buildings 4.0
Apt. Complexes 10.5
Mobile Homes 11.4
Other 0.0

Home Size

SIZE OF Lake City HOMES
No Bedroom 0.00
1 Bedroom 9.93
2 Bedrooms 30.09
3 Bedrooms 42.13
4 Bedrooms 14.31
5 or more bedrooms 3.54

Popular Neighborhoods in Lake City

Zip Codes in Lake City, MN