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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Perham, MN Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Perham, MN Housing Market Trends

With a population of 3,632, 1,493 total housing units (homes and apartments), and a median house value of $287,246, Perham 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 Perham, accounting for 58.51% of the city's housing units. Other types of housing that are prevalent in Perham include large apartment complexes or high rise apartments ( 20.51%), row houses and other attached homes ( 9.34%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.22%).

The most prevalent building size and type in Perham are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.49% owning and 40.51% renting.

There is a lot of housing in Perham 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 Perham built between 2000 and later ( 23.40%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.16%). There's also some housing in Perham built before 1939 ( 16.08%).

Vacant housing appears to be an issue in Perham. Fully 11.76% of the housing stock is classified as vacant. Left unchecked, vacant Perham homes and apartments can be a drag on the real estate market, holding Perham 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.

Perham Home Appreciation Rates

Real estate appreciation rates in Perham's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.74% during the period.

Over the last year, Perham appreciation rates have trailed the rest of the nation. In the last twelve months, Perham's appreciation rate has been 3.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Perham were at -0.63%, which equates to an annual appreciation rate of -2.49%.

Notably, Perham's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Minnesota, our data show that Perham's latest annual appreciation rate is higher than 70% of the other cities and towns in Minnesota.

Average Home Values

Median Home Value

$287,246

Perham, MN Home Prices
> $1,258,000
$943,001 - $1,258,000
$629,001 - $943,000
$503,001 - $629,000
$377,001 - $503,000
$251,001 - $377,000
$126,001 - $251,000
$63,001 - $126,000
$0 - $63,000
1.9%
1.9%
1.6%
1.6%
4.0%
4.0%
5.7%
5.7%
9.8%
9.8%
34.6%
34.6%
33.2%
33.2%
5.4%
5.4%
3.7%
3.7%
0% 100.0%
% of Homes
Average

for Minnesota

Average

for nation

Number of Homes And Apartments:

1,493

Perham Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,119 / per month

Homeownership Rate

Owners
Renters
59.5%
59.5%
40.5%
40.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
11.8%
11.8%
88.2%
88.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
23.4%
23.4%
39.4%
39.4%
21.2%
21.2%
16.1%
16.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
58.5%
58.5%
9.3%
9.3%
8.2%
8.2%
20.5%
20.5%
3.4%
3.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
7.3%
7.3%
2.5%
2.5%
35.7%
35.7%
37.8%
37.8%
13.7%
13.7%
3.0%
3.0%
0% 100.0%
% of Homes

Popular Neighborhoods in Perham

Popular Communities Near Perham, MN

Zip Codes in Perham, MN