Melrose, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Melrose, 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

Melrose Housing Market Information

With 3,616 people, 1,342 houses or apartments, and a median cost of homes of $166,835, Melrose 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 Melrose, accounting for 74.10% of the city's housing units. Other types of housing that are prevalent in Melrose include large apartment complexes or high rise apartments ( 13.15%), mobile homes or trailers ( 6.13%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.93%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Melrose. Owner-occupied housing accounts for 74.27% of Melrose's homes, and 53.86% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Melrose 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 Melrose built before 1939 ( 22.11%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.01%). There's also some housing in Melrose built between 1940-1969 ( 12.95%).

Melrose Home Appreciation Rates

Real estate appreciation rates in Melrose's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.27% during the period.

NeighborhoodScout's data show that during the latest twelve months, Melrose's appreciation rate, at 4.30%, has been at or slightly above the national average. In the latest quarter, Melrose's appreciation rate has been 0.13%, which annualizes to a rate of 0.53%.

Relative to Minnesota, our data show that Melrose's latest annual appreciation rate is lower than 50% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$166,835

Melrose, MN HOME PRICES

Value Range
> $1,125,000 0.2
$844,001 - $1,125,000 0.2
$563,001 - $844,000 2.6
$450,001 - $563,000 3.6
$337,001 - $450,000 10.0
$225,001 - $337,000 13.7
$112,001 - $225,000 39.5
$56,001 - $112,000 20.2
$0 - $56,000 10.1

Average for MN
Average for Nation

Value Relative to Nation Value Relative to State
42.8512832532521 56.4681724845996

Number Of Homes And Apartments:
1,342

Melrose 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
42.50% 2.07% 6 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$893 / per month

Homeownership Rate

Homeownership
Owners 74.27
Renters 25.73
Vacant 7.58

Housing Market Details

 

Age of Homes

AGE OF Melrose HOMES
2000 or Newer 17.0
1970 - 1999 47.9
1940 - 1969 12.9
1939 or Older 22.1

Types of Homes

TYPE OF Melrose HOMES
Single-Family 74.1
Townhomes 2.7
Small Apt. Buildings 3.9
Apt. Complexes 13.2
Mobile Homes 6.1
Other 0.0

Home Size

SIZE OF Melrose HOMES
No Bedroom 1.45
1 Bedroom 7.58
2 Bedrooms 28.58
3 Bedrooms 38.91
4 Bedrooms 14.94
5 or more bedrooms 8.54

Popular Neighborhoods in Melrose

Zip Codes in Melrose, MN