Minot, ND
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Minot, ND Real Estate Data


Minot Housing Market Information

With a population of 49,450, 18,779 total housing units (homes and apartments), and a median house value of $200,543, 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.

Minot Home Appreciation Rates

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 60.76% over the last ten years, which is an average annual home appreciation rate of 4.86%, 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.

Over the last year, Minot appreciation rates have trailed the rest of the nation. In the last twelve months, Minot's appreciation rate has been -1.72%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Minot were at -0.57%, which equates to an annual appreciation rate of -2.25%.

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

Relative to North Dakota, our data show that Minot's latest annual appreciation rate is lower than 50% 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.

Average Home Values

 

Median Home Value:
$200,543

Minot, ND HOME PRICES

Value Range
> $1,049,000 0.3
$787,001 - $1,049,000 0.2
$524,001 - $787,000 1.6
$420,001 - $524,000 2.5
$315,001 - $420,000 9.9
$210,001 - $315,000 27.1
$105,001 - $210,000 39.6
$52,001 - $105,000 9.5
$0 - $52,000 9.2

High for ND
High for Nation

Value Relative to Nation Value Relative to State
31.7824915035744 21.2389380530973

Number Of Homes And Apartments:
18,779

Rent & Ownership

 

Average Market Rent:
$1,499 / per month

Homeownership Rate

Homeownership
Owners 58.26
Renters 41.74
Vacant 13.68

Housing Market Details

 

Age of Homes

AGE OF Minot HOMES
2000 or Newer 20.6
1970 - 1999 36.7
1940 - 1969 30.0
1939 or Older 12.7

Types of Homes

TYPE OF Minot HOMES
Single-Family 49.3
Townhomes 7.1
Small Apt. Buildings 14.4
Apt. Complexes 20.7
Mobile Homes 8.4
Other 0.0

Home Size

SIZE OF Minot HOMES
No Bedroom 2.37
1 Bedroom 11.63
2 Bedrooms 33.78
3 Bedrooms 29.28
4 Bedrooms 16.09
5 or more bedrooms 6.85

Minot Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ND*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
128.73% 4.91% 5 10
* 10 is highest