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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.



Waite Park, 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

Waite Park, MN Housing Market Trends

With 8,366 people, 3,724 houses or apartments, and a median cost of homes of $322,364, Waite Park real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Waite Park, accounting for 47.45% of the city's housing units. Other types of housing that are prevalent in Waite Park include single-family detached homes ( 40.63%), mobile homes or trailers ( 5.30%), and a few row houses and other attached homes ( 3.91%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

People in Waite Park primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Waite Park has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Waite Park 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 Waite Park built between 2000 and later ( 27.38%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.65%). There's also some housing in Waite Park built before 1939 ( 5.59%).

Waite Park Home Appreciation Rates

Real estate appreciation rates in Waite Park'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, Waite Park appreciation rates have trailed the rest of the nation. In the last twelve months, Waite Park's appreciation rate has been 1.31%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Waite Park were at 0.49%, which equates to an annual appreciation rate of 1.99%.

Notably, Waite Park's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Minnesota, our data show that Waite Park's latest annual appreciation rate is lower than 80% of the other cities and towns in Minnesota.

Average Home Values

Median Home Value

$322,364

Waite Park, MN Home Prices
> $1,365,000
$1,025,001 - $1,365,000
$683,001 - $1,025,000
$547,001 - $683,000
$410,001 - $547,000
$273,001 - $410,000
$136,001 - $273,000
$68,001 - $136,000
$0 - $68,000
0.7%
0.7%
0.0%
0.0%
6.9%
6.9%
1.8%
1.8%
11.5%
11.5%
36.9%
36.9%
37.1%
37.1%
1.4%
1.4%
3.7%
3.7%
0% 100.0%
% of Homes
Average

for Minnesota

High

for nation

Number of Homes And Apartments:

3,724

Waite Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,828 / per month

Homeownership Rate

Owners
Renters
47.0%
47.0%
53.0%
53.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.3%
2.3%
97.7%
97.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
27.4%
27.4%
55.4%
55.4%
11.7%
11.7%
5.6%
5.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
40.6%
40.6%
3.9%
3.9%
2.7%
2.7%
47.5%
47.5%
5.3%
5.3%
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
1.5%
1.5%
11.3%
11.3%
56.6%
56.6%
17.2%
17.2%
13.2%
13.2%
0.2%
0.2%
0% 100.0%
% of Homes

Popular Neighborhoods in Waite Park

Zip Codes in Waite Park, MN