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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.



Mankato, 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 Q4 2023. 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

Mankato, MN Housing Market Trends

With a population of 45,140, 17,605 total housing units (homes and apartments), and a median house value of $283,758, Mankato real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Mankato, accounting for 44.59% of the city's housing units. Other types of housing that are prevalent in Mankato include large apartment complexes or high rise apartments ( 32.91%), duplexes, homes converted to apartments or other small apartment buildings ( 9.34%), and a few row houses and other attached homes ( 8.91%).

The most prevalent building size and type in Mankato are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.41% owning and 54.59% renting.

Mankato homes and real estate are some of the newest in America. 32.15% of Mankato's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Mankato real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 28.53%), and between 1940-1969 ( 22.22%). There's also some housing in Mankato built before 1939 ( 17.10%).

Mankato Home Appreciation Rates

Mankato's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Mankato during the period has been just 5.32%, which is lower than 70% of US communities.

Over the last year, Mankato appreciation rates have trailed the rest of the nation. In the last twelve months, Mankato's appreciation rate has been 4.02%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mankato were at -1.42%, which equates to an annual appreciation rate of -5.57%.

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

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

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Mankato differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mankato - 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 Mankato real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$283,758

Mankato, MN Home Prices
> $1,241,000
$931,001 - $1,241,000
$620,001 - $931,000
$497,001 - $620,000
$372,001 - $497,000
$248,001 - $372,000
$124,001 - $248,000
$62,001 - $124,000
$0 - $62,000
0.9%
0.9%
0.5%
0.5%
4.7%
4.7%
4.3%
4.3%
12.3%
12.3%
38.5%
38.5%
28.9%
28.9%
3.9%
3.9%
6.0%
6.0%
0% 100.0%
% of Homes
Average

for Minnesota

Average

for nation

Number of Homes And Apartments:

17,605

Mankato Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,534 / per month

Homeownership Rate

Owners
Renters
45.4%
45.4%
54.6%
54.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.1%
7.1%
92.9%
92.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
32.2%
32.2%
28.5%
28.5%
22.2%
22.2%
17.1%
17.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
44.6%
44.6%
8.9%
8.9%
9.3%
9.3%
32.9%
32.9%
4.2%
4.2%
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
4.2%
4.2%
11.3%
11.3%
26.6%
26.6%
33.9%
33.9%
17.7%
17.7%
6.3%
6.3%
0% 100.0%
% of Homes