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 20,924 people, 374 houses or apartments, and a median cost of homes of $372,924, Northfield real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Northfield, accounting for 55.31% of the city's housing units. Other types of housing that are prevalent in Northfield include row houses and other attached homes ( 37.61%), large apartment complexes or high rise apartments ( 7.08%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Northfield. Owner-occupied housing accounts for 80.16% of Northfield's homes, and 53.54% have either three or four bedrooms, which is average sized relative to America.
Northfield homes and real estate are some of the newest in America. 55.53% of Northfield's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Northfield real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 44.47%), and between 1940-1969 ( 0.00%).
Vacant housing appears to be an issue in Northfield. Fully 17.26% of the housing stock is classified as vacant. Left unchecked, vacant Northfield homes and apartments can be a drag on the real estate market, holding Northfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Northfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.14% during the period.
NeighborhoodScout's data show that during the latest twelve months, Northfield's appreciation rate, at 5.47%, has been at or slightly above the national average. In the latest quarter, Northfield's appreciation rate has been 4.50%, which annualizes to a rate of 19.23%.
Importantly, this makes Northfield 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 Northfield's latest annual appreciation rate is higher than 80% 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 Northfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Northfield - 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 Northfield real estate investment or home purchase decisions.
$372,924
for Minnesota
for nation
374
$1,564 / per month