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 6,602, 2,816 total housing units (homes and apartments), and a median house value of $261,898, Litchfield real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Litchfield, accounting for 68.92% of the city's housing units. Other types of housing that are prevalent in Litchfield include large apartment complexes or high rise apartments ( 14.81%), duplexes, homes converted to apartments or other small apartment buildings ( 5.71%), and a few mobile homes or trailers ( 5.41%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Litchfield. Owner-occupied housing accounts for 69.15% of Litchfield's homes, and 53.29% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Litchfield 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 Litchfield built between 1940-1969 ( 33.82%). A lesser amount of the housing stock also hails from before 1939 ( 15.66%). There's also some housing in Litchfield built between 2000 and later ( 8.48%).
Appreciation rates for homes in Litchfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 90.10%, which ranks in the top 50% nationwide. This equates to an annual average Litchfield house appreciation rate of 6.63%.
NeighborhoodScout's data show that during the latest twelve months, Litchfield's appreciation rate, at 6.58%, has been at or slightly above the national average. In the latest quarter, Litchfield's appreciation rate has been 4.64%, which annualizes to a rate of 19.89%.
Importantly, this makes Litchfield 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 Litchfield's latest annual appreciation rate is higher than 90% of the other cities and towns in Minnesota.
$261,898
for Minnesota
for nation
2,816
$1,377 / per month