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 10,126 people, 3,738 houses or apartments, and a median cost of homes of $486,254, Hermantown real estate is some of the most expensive in Minnesota, although Hermantown home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Hermantown, accounting for 75.55% of the city's housing units. Other types of housing that are prevalent in Hermantown include large apartment complexes or high rise apartments ( 12.51%), row houses and other attached homes ( 6.09%), and a few mobile homes or trailers ( 3.78%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hermantown. Owner-occupied housing accounts for 72.12% of Hermantown's homes, and 61.61% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Hermantown 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 Hermantown built between 2000 and later ( 33.44%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.54%). There's also some housing in Hermantown built before 1939 ( 8.73%).
Real estate appreciation rates in Hermantown's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.06% during the period.
Appreciation rates are so strong in Hermantown that despite a nationwide downturn in the housing market, Hermantown real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hermantown appreciation rates continue to be some of the highest in America, at 7.83%, which is higher than appreciation rates in 84.37% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hermantown. Hermantown appreciation rates in the latest quarter were at -0.44%, which equates to an annual appreciation rate of -1.73%.
Relative to Minnesota, our data show that Hermantown's latest annual appreciation rate is higher than 90% of the other cities and towns in Minnesota.
$486,254
for Minnesota
for nation
3,738
$2,307 / per month