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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 49,450 people, 18,779 houses or apartments, and a median cost of homes of $207,499, Minot real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Minot, accounting for 49.33% of the city's housing units. Other types of housing that are prevalent in Minot include large apartment complexes or high rise apartments ( 20.75%), duplexes, homes converted to apartments or other small apartment buildings ( 14.38%), and a few mobile homes or trailers ( 8.42%).
People in Minot primarily live in small (one, two or no bedroom) single-family detached homes. Minot has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Minot 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 Minot built between 1940-1969 ( 29.96%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.64%). There's also some housing in Minot built before 1939 ( 12.67%).
Vacant housing appears to be an issue in Minot. Fully 13.68% of the housing stock is classified as vacant. Left unchecked, vacant Minot homes and apartments can be a drag on the real estate market, holding Minot 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.
In the last 10 years, Minot has experienced some of the highest home appreciation rates of any community in the nation. Minot real estate appreciated 64.72% over the last ten years, which is an average annual home appreciation rate of 5.12%, putting Minot in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Minot definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Minot's appreciation rate, at 3.58%, has been at or slightly above the national average. In the latest quarter, Minot's appreciation rate has been 3.17%, which annualizes to a rate of 13.29%.
Importantly, NeighborhoodScout’s exclusive research found that Minot's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to North Dakota, our data show that Minot's latest annual appreciation rate is lower than 70% of the other cities and towns in North Dakota.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Minot differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Minot - 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 Minot real estate investment or home purchase decisions.
|$813,001 - $1,084,000||0.2|
|$542,001 - $813,000||1.6|
|$434,001 - $542,000||2.5|
|$325,001 - $434,000||9.9|
|$217,001 - $325,000||27.1|
|$108,001 - $217,000||39.6|
|$54,001 - $108,000||9.5|
|$0 - $54,000||9.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Minot HOMES|
|2000 or Newer||20.6|
|1970 - 1999||36.7|
|1940 - 1969||30.0|
|1939 or Older||12.7|
|TYPE OF Minot HOMES|
|Small Apt. Buildings||14.4|
|SIZE OF Minot HOMES|
|5 or more bedrooms||6.85|