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 Q4 2020. 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 a population of 139,236, 48,903 total housing units (homes and apartments), and a median house value of $133,813, 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

In the last 10 years, Waco has experienced some of the highest home appreciation rates of any community in the nation. Waco real estate appreciated 64.77% over the last ten years, which is an average annual home appreciation rate of 5.12%, putting Waco in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Waco definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Waco that despite a nationwide downturn in the housing market, Waco real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Waco appreciation rates continue to be some of the highest in America, at 6.32%, which is higher than appreciation rates in 70.73% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Waco. Waco appreciation rates in the latest quarter were at 3.35%, which equates to an annual appreciation rate of 14.09%.

Importantly, NeighborhoodScout’s exclusive research found that Waco'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 Texas, our data show that Waco's latest annual appreciation rate is higher than 90% 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:
$133,813

Waco, TX HOME PRICES

> $1,275,000
0.5%
0.5%
$956,001 - $1,275,000
0.8%
0.8%
$638,001 - $956,000
1.3%
1.3%
$510,001 - $638,000
1.8%
1.8%
$382,001 - $510,000
3.8%
3.8%
$255,001 - $382,000
11.8%
11.8%
$128,001 - $255,000
28.1%
28.1%
$64,001 - $128,000
39.2%
39.2%
$0 - $64,000
12.6%
12.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average 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:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
128.06% 4.00%
8
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,116 / 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