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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Bovey, MN Real Estate Market

Source & Methodology

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

Bovey, MN Housing Market Trends

With a population of 813, 263 total housing units (homes and apartments), and a median house value of $212,585, house prices in Bovey are solidly below the national average.

Single-family detached homes are the single most common housing type in Bovey, accounting for 79.87% of the city's housing units. Other types of housing that are prevalent in Bovey include duplexes, homes converted to apartments or other small apartment buildings ( 8.31%), large apartment complexes or high rise apartments ( 7.35%), and a few mobile homes or trailers ( 4.47%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Bovey. Owner-occupied housing accounts for 70.95% of Bovey's homes, and 54.31% 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. Bovey's housing was primarily built during this period, from the '40s through the '60s. A full 30.99% of the city's housing hails from this era. Other housing ages represented in Bovey include homes built before 1939 ( 30.03%) and housing constructed between 1970-1999 ( 25.24%). There's also some housing in Bovey built between 2000 and later ( 13.74%).

Vacant housing appears to be an issue in Bovey. Fully 15.97% of the housing stock is classified as vacant. Left unchecked, vacant Bovey homes and apartments can be a drag on the real estate market, holding Bovey 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.

Bovey Home Appreciation Rates

Real estate appreciation rates in Bovey's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.24% during the period.

Over the last year, Bovey appreciation rates have trailed the rest of the nation. In the last twelve months, Bovey's appreciation rate has been 2.80%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Bovey were at 4.64%, which equates to an annual appreciation rate of 19.89%.

Importantly, this makes Bovey 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 Bovey's latest annual appreciation rate is lower than 50% of the other cities and towns in Minnesota.

Average Home Values

Median Home Value

$212,585

Bovey, MN Home Prices
> $1,336,000
$1,002,001 - $1,336,000
$668,001 - $1,002,000
$534,001 - $668,000
$401,001 - $534,000
$267,001 - $401,000
$134,001 - $267,000
$67,001 - $134,000
$0 - $67,000
0.0%
0.0%
0.5%
0.5%
8.0%
8.0%
3.8%
3.8%
5.7%
5.7%
16.1%
16.1%
34.0%
34.0%
19.8%
19.8%
12.1%
12.1%
0% 100.0%
% of Homes
Very Low

for Minnesota

Low

for nation

Number of Homes And Apartments:

263

Bovey Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,292 / per month

Homeownership Rate

Owners
Renters
71.0%
71.0%
29.0%
29.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
16.0%
16.0%
84.0%
84.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.7%
13.7%
25.2%
25.2%
31.0%
31.0%
30.0%
30.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
79.9%
79.9%
0.0%
0.0%
8.3%
8.3%
7.3%
7.3%
4.5%
4.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
8.9%
8.9%
33.9%
33.9%
36.7%
36.7%
17.6%
17.6%
1.3%
1.3%
0% 100.0%
% of Homes

Popular Neighborhoods in Bovey

Zip Codes in Bovey, MN