Lake Elmo, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Lake Elmo Neighborhoods Since 2000




Lake Elmo, 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 Elmo Housing Market Information

With a population of 8,406, 2,894 total housing units (homes and apartments), and a median house value of $453,675, Lake Elmo house prices are not only among the most expensive in Minnesota, Lake Elmo 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 Lake Elmo, accounting for 84.27% of the city's housing units. Other types of housing that are prevalent in Lake Elmo include mobile homes or trailers ( 11.16%), duplexes, homes converted to apartments or other small apartment buildings ( 3.21%), and a few row houses and other attached homes ( 1.36%).

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 Elmo. Owner-occupied housing accounts for 92.62% of Lake Elmo's homes, and 71.41% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Lake Elmo 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 Elmo built between 1940-1969 ( 22.45%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.76%). There's also some housing in Lake Elmo built before 1939 ( 9.79%).

Lake Elmo Home Appreciation Rates

Lake Elmo's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lake Elmo during the period has been just -0.85%, which is lower than 70% of US communities.

Over the last year, Lake Elmo appreciation rates have trailed the rest of the nation. In the last twelve months, Lake Elmo's appreciation rate has been 2.25%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lake Elmo were at 1.44%, which equates to an annual appreciation rate of 5.89%.

Relative to Minnesota, our data show that Lake Elmo's latest annual appreciation rate is lower than 80% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$453,675

Lake Elmo, MN HOME PRICES

Value Range
> $1,116,000 1.4
$837,001 - $1,116,000 7.1
$558,001 - $837,000 18.1
$446,001 - $558,000 16.7
$335,001 - $446,000 18.1
$223,001 - $335,000 16.0
$112,001 - $223,000 6.2
$56,001 - $112,000 4.3
$0 - $56,000 12.2

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
7.27176842845424 3.08008213552361

Number Of Homes And Apartments:
2,894

Lake Elmo 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
33.18% 1.68% 4 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,985 / per month

Homeownership Rate

Homeownership
Owners 92.62
Renters 7.38
Vacant 1.26

Housing Market Details

 

Age of Homes

AGE OF Lake Elmo HOMES
2000 or Newer 18.8
1970 - 1999 49.0
1940 - 1969 22.4
1939 or Older 9.8

Types of Homes

TYPE OF Lake Elmo HOMES
Single-Family 84.3
Townhomes 1.4
Small Apt. Buildings 3.2
Apt. Complexes 0.0
Mobile Homes 11.2
Other 0.0

Home Size

SIZE OF Lake Elmo HOMES
No Bedroom 0.00
1 Bedroom 2.70
2 Bedrooms 11.91
3 Bedrooms 35.76
4 Bedrooms 35.65
5 or more bedrooms 13.99