Northfield, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Northfield, MN Real Estate Data


Northfield Housing Market Information

With a population of 20,380, 6,227 total housing units (homes and apartments), and a median house value of $228,503, Northfield real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Northfield, accounting for 55.31% of the city's housing units. Other types of housing that are prevalent in Northfield include large apartment complexes or high rise apartments ( 24.41%), row houses and other attached homes ( 13.79%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.01%).

The most prevalent building size and type in Northfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.82% owning and 50.18% renting.

There is a lot of housing in Northfield 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 Northfield built between 2000 and later ( 23.89%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.92%). There's also some housing in Northfield built before 1939 ( 15.16%).

Northfield Home Appreciation Rates

Northfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Northfield during the period has been just -0.81%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Northfield's appreciation rate, at 5.64%, has been at or slightly above the national average. In the latest quarter, Northfield's appreciation rate has been 1.78%, which annualizes to a rate of 7.31%.

Relative to Minnesota, our data show that Northfield's latest annual appreciation rate is higher than 70% 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 Northfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Northfield - 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 Northfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$228,503

Northfield, MN HOME PRICES

Value Range
> $1,207,000 0.2
$906,001 - $1,207,000 0.1
$604,001 - $906,000 1.4
$483,001 - $604,000 2.9
$362,001 - $483,000 10.2
$242,001 - $362,000 30.3
$121,001 - $242,000 42.9
$60,001 - $121,000 5.2
$0 - $60,000 6.8

High for MN
High for Nation

Value Relative to Nation Value Relative to State
26.8548339872343 28.1314168377823

Number Of Homes And Apartments:
6,227

Rent & Ownership

 

Average Market Rent:
$1,094 / per month

Homeownership Rate

Homeownership
Owners 49.82
Renters 50.18
Vacant 9.24

Housing Market Details

 

Age of Homes

AGE OF Northfield HOMES
2000 or Newer 23.9
1970 - 1999 42.0
1940 - 1969 18.9
1939 or Older 15.2

Types of Homes

TYPE OF Northfield HOMES
Single-Family 55.3
Townhomes 13.8
Small Apt. Buildings 5.0
Apt. Complexes 24.4
Mobile Homes 1.5
Other 0.0

Home Size

SIZE OF Northfield HOMES
No Bedroom 1.76
1 Bedroom 15.14
2 Bedrooms 26.47
3 Bedrooms 29.47
4 Bedrooms 20.32
5 or more bedrooms 6.84

Northfield 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
29.78% 1.55% 3 3
* 10 is highest