Oak Park Heights, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Oak Park Heights Neighborhoods Since 2000




Oak Park Heights, MN Real Estate Data


Oak Park Heights Housing Market Information

With a population of 4,831, 1,992 total housing units (homes and apartments), and a median house value of $321,602, Oak Park Heights house prices are not only among the most expensive in Minnesota, Oak Park Heights real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Oak Park Heights, accounting for 44.62% of the city's housing units. Other types of housing that are prevalent in Oak Park Heights include single-family detached homes ( 36.55%), row houses and other attached homes ( 12.83%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.01%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

People in Oak Park Heights primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Oak Park Heights has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Oak Park Heights 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 Oak Park Heights built between 2000 and later ( 19.73%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.58%). There's also some housing in Oak Park Heights built before 1939 ( 2.87%).

Vacant housing appears to be an issue in Oak Park Heights. Fully 10.67% of the housing stock is classified as vacant. Left unchecked, vacant Oak Park Heights homes and apartments can be a drag on the real estate market, holding Oak Park Heights 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.

Oak Park Heights Home Appreciation Rates

Real estate appreciation rates in Oak Park Heights's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.53% during the period.

NeighborhoodScout's data show that during the latest twelve months, Oak Park Heights's appreciation rate, at 5.55%, has been at or slightly above the national average. In the latest quarter, Oak Park Heights's appreciation rate has been 2.70%, which annualizes to a rate of 11.26%.

Importantly, this makes Oak Park Heights one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Minnesota, our data show that Oak Park Heights's latest annual appreciation rate is higher than 60% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$321,602

Oak Park Heights, MN HOME PRICES

Value Range
> $1,184,000 1.3
$888,001 - $1,184,000 2.0
$592,001 - $888,000 7.9
$474,001 - $592,000 9.3
$356,001 - $474,000 12.9
$237,001 - $356,000 32.3
$119,001 - $237,000 27.3
$59,001 - $119,000 3.7
$0 - $59,000 3.3

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
14.8269602389178 8.2135523613963

Number Of Homes And Apartments:
1,992

Rent & Ownership

 

Average Market Rent:
$1,488 / per month

Homeownership Rate

Homeownership
Owners 44.86
Renters 55.14
Vacant 10.67

Housing Market Details

 

Age of Homes

AGE OF Oak Park Heights HOMES
2000 or Newer 19.7
1970 - 1999 59.8
1940 - 1969 17.6
1939 or Older 2.9

Types of Homes

TYPE OF Oak Park Heights HOMES
Single-Family 36.5
Townhomes 12.8
Small Apt. Buildings 6.0
Apt. Complexes 44.6
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Oak Park Heights HOMES
No Bedroom 1.35
1 Bedroom 23.95
2 Bedrooms 32.74
3 Bedrooms 24.22
4 Bedrooms 14.62
5 or more bedrooms 3.14

Oak Park Heights 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
34.82% 1.77% 4 4
* 10 is highest

Popular Neighborhoods in Oak Park Heights

Zip Codes in Oak Park Heights, MN