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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 72,812, 23,357 total housing units (homes and apartments), and a median house value of $440,224, Lakeville real estate is some of the most expensive in Minnesota, although Lakeville home values aren't among America's most expensive.
Lakeville is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Lakeville than is found in 98% of the communities in America.
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lakeville. Owner-occupied housing accounts for 87.82% of Lakeville's homes, and 68.71% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Lakeville 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 Lakeville built between 2000 and later ( 40.23%). A lesser amount of the housing stock also hails from between 1940-1969 ( 5.95%). There's also some housing in Lakeville built before 1939 ( 1.43%).
Real estate appreciation rates in Lakeville's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.23% during the period.
Over the last year, Lakeville appreciation rates have trailed the rest of the nation. In the last twelve months, Lakeville's appreciation rate has been 2.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lakeville were at -2.38%, which equates to an annual appreciation rate of -9.17%.
Notably, Lakeville's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Minnesota, our data show that Lakeville's latest annual appreciation rate is lower 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 Lakeville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lakeville - 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 Lakeville real estate investment or home purchase decisions.
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