Park Rapids, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Park Rapids, 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

Park Rapids Housing Market Information

With a population of 3,947, 1,779 total housing units (homes and apartments), and a median house value of $126,162, house prices in Park Rapids are solidly below the national average.

Single-family detached homes are the single most common housing type in Park Rapids, accounting for 62.21% of the city's housing units. Other types of housing that are prevalent in Park Rapids include large apartment complexes or high rise apartments ( 21.34%), duplexes, homes converted to apartments or other small apartment buildings ( 12.71%), and a few row houses and other attached homes ( 2.73%).

People in Park Rapids primarily live in small (one, two or no bedroom) single-family detached homes. Park Rapids has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Park Rapids 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 Park Rapids built between 1940-1969 ( 29.26%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.32%). There's also some housing in Park Rapids built before 1939 ( 13.05%).

Vacant housing appears to be an issue in Park Rapids. Fully 14.68% of the housing stock is classified as vacant. Left unchecked, vacant Park Rapids homes and apartments can be a drag on the real estate market, holding Park Rapids 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.

Park Rapids Home Appreciation Rates

Park Rapids's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Park Rapids during the period has been just -1.17%, which is lower than 70% of US communities.

Over the last year, Park Rapids appreciation rates have trailed the rest of the nation. In the last twelve months, Park Rapids's appreciation rate has been 1.05%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Park Rapids were at -0.47%, which equates to an annual appreciation rate of -1.86%.

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

Average Home Values

 

Median Home Value:
$126,162

Park Rapids, MN HOME PRICES

Value Range
> $1,054,000 1.0
$791,001 - $1,054,000 0.0
$527,001 - $791,000 0.3
$422,001 - $527,000 0.9
$316,001 - $422,000 4.5
$211,001 - $316,000 14.6
$105,001 - $211,000 44.1
$53,001 - $105,000 30.1
$0 - $53,000 4.6

Low for MN
Low for Nation

Value Relative to Nation Value Relative to State
61.9242939177312 80.082135523614

Number Of Homes And Apartments:
1,779

Park Rapids 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
37.65% 1.87% 5 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$734 / per month

Homeownership Rate

Homeownership
Owners 49.14
Renters 50.86
Vacant 14.68

Housing Market Details

 

Age of Homes

AGE OF Park Rapids HOMES
2000 or Newer 18.3
1970 - 1999 39.4
1940 - 1969 29.3
1939 or Older 13.0

Types of Homes

TYPE OF Park Rapids HOMES
Single-Family 62.2
Townhomes 2.7
Small Apt. Buildings 12.7
Apt. Complexes 21.3
Mobile Homes 1.0
Other 0.0

Home Size

SIZE OF Park Rapids HOMES
No Bedroom 0.67
1 Bedroom 24.36
2 Bedrooms 28.73
3 Bedrooms 26.81
4 Bedrooms 14.96
5 or more bedrooms 4.46

Popular Neighborhoods in Park Rapids

Popular Communities Near Park Rapids, MN

Zip Codes in Park Rapids, MN