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 about Scout's Real Estate Data
With 24,518 people, 8,853 houses or apartments, and a median cost of homes of $265,886, Faribault 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 Faribault, accounting for 59.37% of the city's housing units. Other types of housing that are prevalent in Faribault include large apartment complexes or high rise apartments ( 20.56%), duplexes, homes converted to apartments or other small apartment buildings ( 8.42%), and a few mobile homes or trailers ( 7.24%).
The most prevalent building size and type in Faribault are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.02% owning and 41.98% renting.
There is a lot of housing in Faribault 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 Faribault built between 1940-1969 ( 24.56%). A lesser amount of the housing stock also hails from before 1939 ( 21.85%). There's also some housing in Faribault built between 2000 and later ( 20.13%).
Real estate appreciation rates in Faribault's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.11% during the period.
Over the last year, Faribault appreciation rates have trailed the rest of the nation. In the last twelve months, Faribault's appreciation rate has been 4.17%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Faribault were at 4.64%, which equates to an annual appreciation rate of 19.89%.
Importantly, this makes Faribault 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 Faribault's latest annual appreciation rate is higher than 60% of the other cities and towns in Minnesota.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Faribault differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Faribault - 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 Faribault real estate investment or home purchase decisions.
$265,886
for Minnesota
for nation
8,853
$1,719 / per month