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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.



Grand Rapids, 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 Q2 2024. 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

Grand Rapids, MN Housing Market Trends

With a population of 11,268, 4,618 total housing units (homes and apartments), and a median house value of $262,953, Grand Rapids 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 Grand Rapids, accounting for 58.30% of the city's housing units. Other types of housing that are prevalent in Grand Rapids include large apartment complexes or high rise apartments ( 28.74%), duplexes, homes converted to apartments or other small apartment buildings ( 5.84%), and a few mobile homes or trailers ( 4.49%).

The most prevalent building size and type in Grand Rapids are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.06% owning and 42.94% renting.

There is a lot of housing in Grand Rapids 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 Grand Rapids built between 1940-1969 ( 29.14%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.06%). There's also some housing in Grand Rapids built before 1939 ( 7.52%).

Grand Rapids Home Appreciation Rates

Grand Rapids's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Grand Rapids during the period has been just 5.44%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Grand Rapids's appreciation rate, at 7.79%, has been at or slightly above the national average. In the latest quarter, Grand Rapids's appreciation rate has been 4.64%, which annualizes to a rate of 19.89%.

Importantly, this makes Grand Rapids 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 Grand Rapids's latest annual appreciation rate is higher than 90% 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 Grand Rapids differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Grand Rapids - 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 Grand Rapids real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$262,953

Grand Rapids, MN Home Prices
> $1,421,000
$1,065,001 - $1,421,000
$710,001 - $1,065,000
$568,001 - $710,000
$426,001 - $568,000
$284,001 - $426,000
$142,001 - $284,000
$71,001 - $142,000
$0 - $71,000
0.6%
0.6%
0.3%
0.3%
0.9%
0.9%
6.4%
6.4%
11.2%
11.2%
28.4%
28.4%
40.9%
40.9%
6.7%
6.7%
4.7%
4.7%
0% 100.0%
% of Homes
Low

for Minnesota

Average

for nation

Number of Homes And Apartments:

4,618

Grand Rapids Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,472 / per month

Homeownership Rate

Owners
Renters
57.1%
57.1%
42.9%
42.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.9%
6.9%
93.1%
93.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
21.1%
21.1%
42.3%
42.3%
29.1%
29.1%
7.5%
7.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
58.3%
58.3%
2.6%
2.6%
5.8%
5.8%
28.7%
28.7%
4.5%
4.5%
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
3.4%
3.4%
15.6%
15.6%
28.3%
28.3%
34.8%
34.8%
13.7%
13.7%
4.2%
4.2%
0% 100.0%
% of Homes

Popular Communities Near Grand Rapids, MN

Zip Codes in Grand Rapids, MN