Litchfield, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Litchfield, MN Real Estate Data


Litchfield Housing Market Information

With a population of 6,657, 2,747 total housing units (homes and apartments), and a median house value of $147,829, Litchfield 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 Litchfield, accounting for 68.40% of the city's housing units. Other types of housing that are prevalent in Litchfield include large apartment complexes or high rise apartments ( 13.55%), duplexes, homes converted to apartments or other small apartment buildings ( 11.22%), and a few mobile homes or trailers ( 4.67%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Litchfield. Owner-occupied housing accounts for 65.13% of Litchfield's homes, and 55.13% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Litchfield 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 Litchfield built between 1940-1969 ( 33.07%). A lesser amount of the housing stock also hails from before 1939 ( 21.96%). There's also some housing in Litchfield built between 2000 and later ( 11.01%).

Litchfield Home Appreciation Rates

Litchfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Litchfield during the period has been just -0.92%, which is lower than 70% of US communities.

Over the last year, Litchfield appreciation rates have trailed the rest of the nation. In the last twelve months, Litchfield's appreciation rate has been 3.23%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Litchfield were at 1.73%, which equates to an annual appreciation rate of 7.09%.

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

Average Home Values

 

Median Home Value:
$147,829

Litchfield, MN HOME PRICES

Value Range
> $1,106,000 1.2
$830,001 - $1,106,000 0.6
$554,001 - $830,000 0.0
$442,001 - $554,000 0.6
$332,001 - $442,000 4.6
$221,001 - $332,000 12.2
$111,001 - $221,000 53.7
$55,001 - $111,000 21.8
$0 - $55,000 5.3

Low for MN
Average for Nation

Value Relative to Nation Value Relative to State
51.8767933477777 69.1991786447639

Number Of Homes And Apartments:
2,747

Rent & Ownership

 

Average Market Rent:
$826 / per month

Homeownership Rate

Homeownership
Owners 65.13
Renters 34.87
Vacant 5.76

Housing Market Details

 

Age of Homes

AGE OF Litchfield HOMES
2000 or Newer 11.0
1970 - 1999 34.0
1940 - 1969 33.1
1939 or Older 22.0

Types of Homes

TYPE OF Litchfield HOMES
Single-Family 68.4
Townhomes 2.2
Small Apt. Buildings 11.2
Apt. Complexes 13.6
Mobile Homes 4.7
Other 0.0

Home Size

SIZE OF Litchfield HOMES
No Bedroom 1.10
1 Bedroom 14.10
2 Bedrooms 26.79
3 Bedrooms 37.70
4 Bedrooms 17.43
5 or more bedrooms 2.88

Litchfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
26.89% 1.41% 2 3
* 10 is highest

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