Hibbing, MN Real Estate Market
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
Hibbing, MN Housing Market Trends
With a population of 16,052, 7,458 total housing units (homes and apartments), and a median house value of $188,267, house prices in Hibbing are solidly below the national average.
Single-family detached homes are the single most common housing type in Hibbing, accounting for 76.46% of the city's housing units. Other types of housing that are prevalent in Hibbing include large apartment complexes or high rise apartments ( 15.60%), duplexes, homes converted to apartments or other small apartment buildings ( 4.92%), and a few mobile homes or trailers ( 2.75%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hibbing. Owner-occupied housing accounts for 72.27% of Hibbing's homes, and 57.20% have either three or four bedrooms, which is average sized relative to America.
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. Hibbing's housing was primarily built during this period, from the '40s through the '60s. A full 39.63% of the city's housing hails from this era. Other housing ages represented in Hibbing include homes built before 1939 ( 28.41%) and housing constructed between 1970-1999 ( 25.02%). There's also some housing in Hibbing built between 2000 and later ( 6.94%).
Vacant housing appears to be an issue in Hibbing. Fully 10.93% of the housing stock is classified as vacant. Left unchecked, vacant Hibbing homes and apartments can be a drag on the real estate market, holding Hibbing 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.
Hibbing Home Appreciation Rates
Hibbing's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Hibbing during the period has been just 4.67%, which is lower than 80% of US communities.
Over the last year, Hibbing appreciation rates have trailed the rest of the nation. In the last twelve months, Hibbing's appreciation rate has been 2.66%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hibbing were at 4.80%, which equates to an annual appreciation rate of 20.60%.
Importantly, this makes Hibbing 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 Hibbing's latest annual appreciation rate is lower than 60% 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 Hibbing differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hibbing - 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 Hibbing real estate investment or home purchase decisions.
Median Home Value
$188,267
Very Low
for Minnesota
Low
for nation
Number of Homes And Apartments:
7,458
MN
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,094 / per month