Elk River, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Elk River Neighborhoods Since 2000




Elk River, MN Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Elk River Housing Market Information

With 23,963 people, 8,245 houses or apartments, and a median cost of homes of $259,968, 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 71.06% of the city's housing units. Other types of housing that are prevalent in Elk River include large apartment complexes or high rise apartments ( 14.10%), row houses and other attached homes ( 12.76%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.34%).

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 72.66% of Elk River's homes, and 60.20% 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 ( 31.43%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.03%). There's also some housing in Elk River built before 1939 ( 3.64%).

Elk River Home Appreciation Rates

Elk River's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Elk River during the period has been just -1.31%, which is lower than 70% of US communities.

Appreciation rates are so strong in Elk River that despite a nationwide downturn in the housing market, Elk River real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elk River appreciation rates continue to be some of the highest in America, at 7.08%, which is higher than appreciation rates in 81.79% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elk River. Elk River appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.89%.

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

Average Home Values

 

Median Home Value:
$259,968

Elk River, MN HOME PRICES

Value Range
> $1,224,000 0.6
$918,001 - $1,224,000 0.6
$612,001 - $918,000 1.8
$490,001 - $612,000 4.2
$367,001 - $490,000 9.8
$245,001 - $367,000 36.2
$123,001 - $245,000 38.8
$61,001 - $123,000 5.4
$0 - $61,000 2.6

Very High for MN
High for Nation

Value Relative to Nation Value Relative to State
21.0242587601078 17.4537987679671

Number Of Homes And Apartments:
8,245

Elk River Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
20.24% 1.07% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,278 / per month

Homeownership Rate

Homeownership
Owners 72.66
Renters 27.34
Vacant 4.08

Housing Market Details

 

Age of Homes

AGE OF Elk River HOMES
2000 or Newer 31.4
1970 - 1999 54.9
1940 - 1969 10.0
1939 or Older 3.6

Types of Homes

TYPE OF Elk River HOMES
Single-Family 71.1
Townhomes 12.8
Small Apt. Buildings 1.3
Apt. Complexes 14.1
Mobile Homes 0.7
Other 0.0

Home Size

SIZE OF Elk River HOMES
No Bedroom 0.12
1 Bedroom 4.48
2 Bedrooms 26.49
3 Bedrooms 28.73
4 Bedrooms 31.47
5 or more bedrooms 8.71