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 a population of 5,084, 2,110 total housing units (homes and apartments), and a median house value of $247,925, house prices in Morris are solidly below the national average.
Single-family detached homes are the single most common housing type in Morris, accounting for 68.83% of the city's housing units. Other types of housing that are prevalent in Morris include large apartment complexes or high rise apartments ( 24.03%), row houses and other attached homes ( 3.17%), and a few mobile homes or trailers ( 2.34%).
The most prevalent building size and type in Morris are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.98% owning and 48.02% renting.
There is a lot of housing in Morris 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 Morris built between 1940-1969 ( 31.66%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.70%). There's also some housing in Morris built before 1939 ( 14.46%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Morris, where house values have increased just 53.47%, which is annualized rate of 4.38%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Morris appreciation rates have trailed the rest of the nation. In the last twelve months, Morris's appreciation rate has been 0.00%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Morris were at 4.64%, which equates to an annual appreciation rate of 19.89%.
Importantly, this makes Morris 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 Morris's latest annual appreciation rate is lower than 90% of the other cities and towns in Minnesota.
$247,925
for Minnesota
for nation
2,110
$1,383 / per month