Montevideo, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Montevideo, MN Real Estate Data


Montevideo Housing Market Information

With a population of 5,217, 2,243 total housing units (homes and apartments), and a median house value of $107,658, house prices in Montevideo are solidly below the national average.

Single-family detached homes are the single most common housing type in Montevideo, accounting for 72.59% of the city's housing units. Other types of housing that are prevalent in Montevideo include large apartment complexes or high rise apartments ( 15.30%), duplexes, homes converted to apartments or other small apartment buildings ( 6.10%), and a few row houses and other attached homes ( 3.46%).

The most prevalent building size and type in Montevideo are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.81% owning and 36.19% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Montevideo's housing was primarily built during this period, from the '40s through the '60s. A full 44.67% of the city's housing hails from this era. Other housing ages represented in Montevideo include homes built between 1970-1999 ( 27.09%) and housing constructed before 1939 ( 23.40%). There's also some housing in Montevideo built between 2000 and later ( 4.84%).

Vacant housing appears to be an issue in Montevideo. Fully 11.80% of the housing stock is classified as vacant. Left unchecked, vacant Montevideo homes and apartments can be a drag on the real estate market, holding Montevideo 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.

Montevideo Home Appreciation Rates

Appreciation rates for homes in Montevideo have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 11.65%, which ranks in the top 40% nationwide. This equates to an annual average Montevideo house appreciation rate of 1.11%.

Over the last year, Montevideo appreciation rates have trailed the rest of the nation. In the last twelve months, Montevideo's appreciation rate has been 3.31%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Montevideo were at 1.73%, which equates to an annual appreciation rate of 7.09%.

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

Average Home Values

 

Median Home Value:
$107,658

Montevideo, MN HOME PRICES

Value Range
> $1,105,000 0.0
$829,001 - $1,105,000 0.0
$553,001 - $829,000 0.0
$442,001 - $553,000 1.1
$332,001 - $442,000 0.9
$221,001 - $332,000 9.0
$111,001 - $221,000 34.5
$55,001 - $111,000 43.8
$0 - $55,000 10.7

Very Low for MN
Low for Nation

Value Relative to Nation Value Relative to State
73.9239913333724 89.9383983572895

Number Of Homes And Apartments:
2,243

Rent & Ownership

 

Average Market Rent:
$997 / per month

Homeownership Rate

Homeownership
Owners 63.81
Renters 36.19
Vacant 11.80

Housing Market Details

 

Age of Homes

AGE OF Montevideo HOMES
2000 or Newer 4.8
1970 - 1999 27.1
1940 - 1969 44.7
1939 or Older 23.4

Types of Homes

TYPE OF Montevideo HOMES
Single-Family 72.6
Townhomes 3.5
Small Apt. Buildings 6.1
Apt. Complexes 15.3
Mobile Homes 2.6
Other 0.0

Home Size

SIZE OF Montevideo HOMES
No Bedroom 2.08
1 Bedroom 10.26
2 Bedrooms 30.83
3 Bedrooms 47.23
4 Bedrooms 7.67
5 or more bedrooms 1.93

Montevideo 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
35.80% 1.82% 4 4
* 10 is highest

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