Elk River, 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 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

Elk River, MN Housing Market Trends

With 25,213 people, 8,503 houses or apartments, and a median cost of homes of $280,009, Elk River real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Elk River, accounting for 70.62% of the city's housing units. Other types of housing that are prevalent in Elk River include row houses and other attached homes ( 14.09%), large apartment complexes or high rise apartments ( 12.17%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.28%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elk River. Owner-occupied housing accounts for 76.14% of Elk River's homes, and 60.91% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Elk River 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 Elk River built between 2000 and later ( 33.40%). A lesser amount of the housing stock also hails from between 1940-1969 ( 9.24%). There's also some housing in Elk River built before 1939 ( 3.23%).

Elk River Home Appreciation Rates

Appreciation rates for homes in Elk River have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 65.55%, which ranks in the top 30% nationwide. This equates to an annual average Elk River house appreciation rate of 5.17%.

Over the last year, Elk River appreciation rates have trailed the rest of the nation. In the last twelve months, Elk River's appreciation rate has been 7.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elk River were at 2.34%, which equates to an annual appreciation rate of 9.69%.

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

Average Home Values

 

Median Home Value:
$280,009

Elk River, MN HOME PRICES

> $1,221,000
0.6%
0.6%
$915,001 - $1,221,000
0.3%
0.3%
$610,001 - $915,000
1.9%
1.9%
$488,001 - $610,000
4.7%
4.7%
$366,001 - $488,000
18.0%
18.0%
$244,001 - $366,000
39.3%
39.3%
$122,001 - $244,000
31.8%
31.8%
$61,001 - $122,000
2.1%
2.1%
$0 - $61,000
1.5%
1.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for MN

Value Relative To Nation

Number Of Homes And Apartments:
8,503

Elk River Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
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
55.10% 2.06%
1
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,547 / per month

Homeownership Rate

Owners
76.1%
76.1%
Renters
23.9%
23.9%
Vacant
4.8%
4.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
33.4%
33.4%
1970 - 1999
54.1%
54.1%
1940 - 1969
9.2%
9.2%
1939 or Older
3.2%
3.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
70.6%
70.6%
Townhomes
14.1%
14.1%
Small Apt. Buildings
2.3%
2.3%
Apt. Complexes
12.2%
12.2%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.1%
0.1%
1 Bedroom
3.0%
3.0%
2 Bedrooms
26.9%
26.9%
3 Bedrooms
33.0%
33.0%
4 Bedrooms
27.9%
27.9%
5 or more bedrooms
9.1%
9.1%
0.0% 100.0%
% OF HOMES