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 7,161 people, 3,388 houses or apartments, and a median cost of homes of $233,670, house prices in Devils Lake are solidly below the national average.
Single-family detached homes are the single most common housing type in Devils Lake, accounting for 48.38% of the city's housing units. Other types of housing that are prevalent in Devils Lake include large apartment complexes or high rise apartments ( 27.15%), duplexes, homes converted to apartments or other small apartment buildings ( 15.60%), and a few mobile homes or trailers ( 7.30%).
People in Devils Lake primarily live in small (one, two or no bedroom) single-family detached homes. Devils Lake has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Devils Lake 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 Devils Lake built between 1940-1969 ( 31.61%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.51%). There's also some housing in Devils Lake built before 1939 ( 11.11%).
Vacant housing appears to be an issue in Devils Lake. Fully 11.63% of the housing stock is classified as vacant. Left unchecked, vacant Devils Lake homes and apartments can be a drag on the real estate market, holding Devils Lake 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.
Devils Lake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Devils Lake during the period has been just 5.07%, which is lower than 80% of US communities.
Appreciation rates are so strong in Devils Lake that despite a nationwide downturn in the housing market, Devils Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Devils Lake appreciation rates continue to be some of the highest in America, at 9.74%, which is higher than appreciation rates in 85.95% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Devils Lake. Devils Lake appreciation rates in the latest quarter were at 5.16%, which equates to an annual appreciation rate of 22.29%.
Importantly, this makes Devils Lake 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 North Dakota, our data show that Devils Lake's latest annual appreciation rate is higher than 80% of the other cities and towns in North Dakota.
$233,670
for North dakota
for nation
3,388
$943 / per month