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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.



New Hope, 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

New Hope, MN Housing Market Trends

With a population of 21,035, 9,120 total housing units (homes and apartments), and a median house value of $355,539, New Hope real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in New Hope, accounting for 46.07% of the city's housing units. Other types of housing that are prevalent in New Hope include single-family detached homes ( 45.55%), row houses and other attached homes ( 6.35%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.02%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

The most prevalent building size and type in New Hope are three and four bedroom dwellings. The city has a mixture of owners and renters, with 51.14% owning and 48.86% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. New Hope's housing was primarily built during this period, from the '40s through the '60s. A full 55.02% of the city's housing hails from this era. Other housing ages represented in New Hope include homes built between 1970-1999 ( 34.22%) and housing constructed between 2000 and later ( 9.32%). There's also some housing in New Hope built before 1939 ( 1.43%).

New Hope Home Appreciation Rates

Real estate appreciation rates in New Hope's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.81% during the period.

Over the last year, New Hope appreciation rates have trailed the rest of the nation. In the last twelve months, New Hope's appreciation rate has been -0.66%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Hope were at 2.27%, which equates to an annual appreciation rate of 9.37%.

Relative to Minnesota, our data show that New Hope's latest annual appreciation rate is lower 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 New Hope differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Hope - 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 New Hope real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$355,539

New Hope, MN Home Prices
> $1,192,000
$894,001 - $1,192,000
$596,001 - $894,000
$477,001 - $596,000
$358,001 - $477,000
$238,001 - $358,000
$119,001 - $238,000
$60,001 - $119,000
$0 - $60,000
0.1%
0.1%
0.0%
0.0%
1.2%
1.2%
3.8%
3.8%
40.4%
40.4%
42.5%
42.5%
9.9%
9.9%
1.4%
1.4%
0.7%
0.7%
0% 100.0%
% of Homes
High

for Minnesota

High

for nation

Number of Homes And Apartments:

9,120

New Hope Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,819 / per month

Homeownership Rate

Owners
Renters
51.1%
51.1%
48.9%
48.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.8%
2.8%
97.2%
97.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.3%
9.3%
34.2%
34.2%
55.0%
55.0%
1.4%
1.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
45.6%
45.6%
6.4%
6.4%
2.0%
2.0%
46.1%
46.1%
0.0%
0.0%
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
2.8%
2.8%
22.3%
22.3%
21.7%
21.7%
30.1%
30.1%
20.9%
20.9%
2.2%
2.2%
0% 100.0%
% of Homes