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 7,079, 2,630 total housing units (homes and apartments), and a median house value of $340,783, Spring Lake Park real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Spring Lake Park, accounting for 64.41% of the city's housing units. Other types of housing that are prevalent in Spring Lake Park include large apartment complexes or high rise apartments ( 20.71%), row houses and other attached homes ( 10.12%), and a few mobile homes or trailers ( 4.17%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Spring Lake Park. Owner-occupied housing accounts for 69.55% of Spring Lake Park's homes, and 60.06% 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. Spring Lake Park's housing was primarily built during this period, from the '40s through the '60s. A full 43.14% of the city's housing hails from this era. Other housing ages represented in Spring Lake Park include homes built between 1970-1999 ( 41.58%) and housing constructed between 2000 and later ( 10.75%). There's also some housing in Spring Lake Park built before 1939 ( 4.54%).
Appreciation rates for homes in Spring Lake Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 93.48%, which ranks in the top 50% nationwide. This equates to an annual average Spring Lake Park house appreciation rate of 6.82%.
Over the last year, Spring Lake Park appreciation rates have trailed the rest of the nation. In the last twelve months, Spring Lake Park's appreciation rate has been 1.02%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Spring Lake Park were at 2.27%, which equates to an annual appreciation rate of 9.37%.
Relative to Minnesota, our data show that Spring Lake Park's latest annual appreciation rate is lower than 80% of the other cities and towns in Minnesota.
$340,783
for Minnesota
for nation
2,630
$1,881 / per month