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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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (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, 17,196 total housing units (homes and apartments), and a median house value of $258,299, 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 44.35% of the city's housing units. Other types of housing that are prevalent in Mankato include large apartment complexes or high rise apartments ( 31.05%), duplexes, homes converted to apartments or other small apartment buildings ( 10.49%), and a few row houses and other attached homes ( 9.19%).

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 48.16% owning and 51.84% renting.

There is a lot of housing in Mankato 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 Mankato built between 2000 and later ( 29.47%). A lesser amount of the housing stock also hails from between 1940-1969 ( 23.49%). There's also some housing in Mankato built before 1939 ( 17.28%).

Mankato Home Appreciation Rates

Real estate appreciation rates in Mankato's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.29% during the period.

Appreciation rates are so strong in Mankato that despite a nationwide downturn in the housing market, Mankato real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mankato appreciation rates continue to be some of the highest in America, at 6.52%, which is higher than appreciation rates in 78.13% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mankato. Mankato appreciation rates in the latest quarter were at 9.00%, which equates to an annual appreciation rate of 41.16%.

Importantly, NeighborhoodScout’s exclusive research found that Mankato's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Minnesota, our data show that Mankato's latest annual appreciation rate is higher than 90% 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

$258,299

Mankato, MN Home Prices
> $1,347,000
$1,010,001 - $1,347,000
$673,001 - $1,010,000
$539,001 - $673,000
$404,001 - $539,000
$269,001 - $404,000
$135,001 - $269,000
$67,001 - $135,000
$0 - $67,000
0.6%
0.6%
0.4%
0.4%
3.4%
3.4%
2.7%
2.7%
9.2%
9.2%
29.0%
29.0%
42.4%
42.4%
3.8%
3.8%
8.4%
8.4%
0% 100.0%
% of Homes
Average

for Minnesota

Average

for nation

Number of Homes And Apartments:

17,196

Mankato Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,641 / per month

Homeownership Rate

Owners
Renters
Vacant
48.2%
48.2%
51.8%
51.8%
8.3%
8.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
29.5%
29.5%
29.8%
29.8%
23.5%
23.5%
17.3%
17.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
44.3%
44.3%
9.2%
9.2%
10.5%
10.5%
31.1%
31.1%
4.9%
4.9%
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
3.6%
3.6%
12.2%
12.2%
26.9%
26.9%
33.6%
33.6%
17.7%
17.7%
6.0%
6.0%
0% 100.0%
% of Homes