New Hope, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating New Hope Neighborhoods Since 2000




New Hope, 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

New Hope Housing Market Information

With 21,032 people, 8,265 houses or apartments, and a median cost of homes of $228,048, New Hope real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in New Hope, accounting for 49.84% of the city's housing units. Other types of housing that are prevalent in New Hope include large apartment complexes or high rise apartments ( 43.41%), row houses and other attached homes ( 5.67%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.08%).

The most prevalent building size and type in New Hope are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.56% owning and 47.44% 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. New Hope's housing was primarily built during this period, from the '40s through the '60s. A full 56.82% of the city's housing hails from this era. Other housing ages represented in New Hope include homes built between 1970-1999 ( 37.62%) and housing constructed between 2000 and later ( 3.87%). There's also some housing in New Hope built before 1939 ( 1.69%).

New Hope Home Appreciation Rates

New Hope's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in New Hope during the period has been just -0.89%, which is lower than 70% of US communities.

Appreciation rates are so strong in New Hope that despite a nationwide downturn in the housing market, New Hope real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Hope appreciation rates continue to be some of the highest in America, at 7.39%, which is higher than appreciation rates in 83.43% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Hope. New Hope appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.89%.

Relative to Minnesota, our data show that New Hope's latest annual appreciation rate is higher than 80% 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 New Hope differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Hope - 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 New Hope real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$228,048

New Hope, MN HOME PRICES

Value Range
> $1,236,000 0.0
$927,001 - $1,236,000 0.0
$618,001 - $927,000 0.5
$494,001 - $618,000 0.3
$371,001 - $494,000 2.0
$247,001 - $371,000 35.7
$124,001 - $247,000 54.7
$62,001 - $124,000 3.8
$0 - $62,000 3.1

High for MN
High for Nation

Value Relative to Nation Value Relative to State
26.16899097621 26.2833675564682

Number Of Homes And Apartments:
8,265

New Hope 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
32.48% 1.64% 4 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,113 / per month

Homeownership Rate

Homeownership
Owners 52.56
Renters 47.44
Vacant 2.96

Housing Market Details

 

Age of Homes

AGE OF New Hope HOMES
2000 or Newer 3.9
1970 - 1999 37.6
1940 - 1969 56.8
1939 or Older 1.7

Types of Homes

TYPE OF New Hope HOMES
Single-Family 49.8
Townhomes 5.7
Small Apt. Buildings 1.1
Apt. Complexes 43.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF New Hope HOMES
No Bedroom 2.02
1 Bedroom 19.07
2 Bedrooms 26.00
3 Bedrooms 30.36
4 Bedrooms 18.08
5 or more bedrooms 4.47