Morris, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Morris, 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

Morris Housing Market Information

With a population of 5,352, 2,083 total housing units (homes and apartments), and a median house value of $165,404, Morris 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 Morris, accounting for 62.85% of the city's housing units. Other types of housing that are prevalent in Morris include large apartment complexes or high rise apartments ( 29.42%), row houses and other attached homes ( 3.71%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.59%).

The most prevalent building size and type in Morris are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.21% owning and 48.79% renting.

There is a lot of housing in Morris 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 Morris built between 1940-1969 ( 32.97%). A lesser amount of the housing stock also hails from before 1939 ( 20.30%). There's also some housing in Morris built between 2000 and later ( 10.68%).

Vacant housing appears to be an issue in Morris. Fully 12.07% of the housing stock is classified as vacant. Left unchecked, vacant Morris homes and apartments can be a drag on the real estate market, holding Morris 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.

Morris Home Appreciation Rates

Appreciation rates for homes in Morris have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 11.20%, which ranks in the top 30% nationwide. This equates to an annual average Morris house appreciation rate of 1.07%.

Over the last year, Morris appreciation rates have trailed the rest of the nation. In the last twelve months, Morris's appreciation rate has been -0.48%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Morris were at -0.47%, which equates to an annual appreciation rate of -1.86%.

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

Average Home Values

 

Median Home Value:
$165,404

Morris, MN HOME PRICES

Value Range
> $1,094,000 0.2
$820,001 - $1,094,000 0.3
$547,001 - $820,000 1.0
$438,001 - $547,000 1.0
$329,001 - $438,000 3.4
$219,001 - $329,000 23.2
$110,001 - $219,000 36.2
$55,001 - $110,000 28.4
$0 - $55,000 6.3

Average for MN
Average for Nation

Value Relative to Nation Value Relative to State
43.4724012656744 57.9055441478439

Number Of Homes And Apartments:
2,083

Morris 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
56.68% 2.64% 8 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$837 / per month

Homeownership Rate

Homeownership
Owners 51.21
Renters 48.79
Vacant 12.07

Housing Market Details

 

Age of Homes

AGE OF Morris HOMES
2000 or Newer 10.7
1970 - 1999 36.0
1940 - 1969 33.0
1939 or Older 20.3

Types of Homes

TYPE OF Morris HOMES
Single-Family 62.9
Townhomes 3.7
Small Apt. Buildings 3.6
Apt. Complexes 29.4
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Morris HOMES
No Bedroom 1.35
1 Bedroom 16.29
2 Bedrooms 27.23
3 Bedrooms 29.51
4 Bedrooms 20.73
5 or more bedrooms 4.90

Popular Neighborhoods in Morris

Popular Communities Near Morris, MN

Zip Codes in Morris, MN