Waco, TX 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Waco, TX Housing Market Trends

With 139,236 people, 48,903 houses or apartments, and a median cost of homes of $134,512, house prices in Waco are solidly below the national average.

Single-family detached homes are the single most common housing type in Waco, accounting for 59.40% of the city's housing units. Other types of housing that are prevalent in Waco include large apartment complexes or high rise apartments ( 25.83%), duplexes, homes converted to apartments or other small apartment buildings ( 11.23%), and a few row houses and other attached homes ( 2.59%).

The most prevalent building size and type in Waco are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 43.26% owning and 56.74% renting.

There is a lot of housing in Waco 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 Waco built between 1940-1969 ( 35.65%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.98%). There's also some housing in Waco built before 1939 ( 6.12%).

Vacant housing appears to be an issue in Waco. Fully 11.38% of the housing stock is classified as vacant. Left unchecked, vacant Waco homes and apartments can be a drag on the real estate market, holding Waco 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.

Waco Home Appreciation Rates

Appreciation rates for homes in Waco have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 67.08%, which ranks in the top 30% nationwide. This equates to an annual average Waco house appreciation rate of 5.27%.

NeighborhoodScout's data show that during the latest twelve months, Waco's appreciation rate, at 8.65%, has been at or slightly above the national average. In the latest quarter, Waco's appreciation rate has been 1.64%, which annualizes to a rate of 6.74%.

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

Relative to Texas, our data show that Waco's latest annual appreciation rate is lower than 60% of the other cities and towns in Texas.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Waco differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Waco - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Waco real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$134,512

Waco, TX HOME PRICES

> $1,302,000
0.5%
0.5%
$976,001 - $1,302,000
0.8%
0.8%
$651,001 - $976,000
1.3%
1.3%
$521,001 - $651,000
1.8%
1.8%
$390,001 - $521,000
3.8%
3.8%
$260,001 - $390,000
11.8%
11.8%
$130,001 - $260,000
28.1%
28.1%
$65,001 - $130,000
39.2%
39.2%
$0 - $65,000
12.6%
12.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for TX

Value Relative To Nation

Number Of Homes And Apartments:
48,903

Waco Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
133.45% 4.02%
7
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,215 / per month

Homeownership Rate

Owners
43.3%
43.3%
Renters
56.7%
56.7%
Vacant
11.4%
11.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
21.0%
21.0%
1970 - 1999
37.2%
37.2%
1940 - 1969
35.6%
35.6%
1939 or Older
6.1%
6.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
59.4%
59.4%
Townhomes
2.6%
2.6%
Small Apt. Buildings
11.2%
11.2%
Apt. Complexes
25.8%
25.8%
Mobile Homes
0.9%
0.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.8%
1.8%
1 Bedroom
14.0%
14.0%
2 Bedrooms
30.9%
30.9%
3 Bedrooms
37.4%
37.4%
4 Bedrooms
14.1%
14.1%
5 or more bedrooms
1.8%
1.8%
0.0% 100.0%
% OF HOMES