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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 26,750, 9,449 total housing units (homes and apartments), and a median house value of $383,068, 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 65.51% of the city's housing units. Other types of housing that are prevalent in Elk River include row houses and other attached homes ( 15.93%), large apartment complexes or high rise apartments ( 15.20%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.36%).
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 76.50% of Elk River's homes, and 59.86% 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 ( 36.11%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.34%). There's also some housing in Elk River built before 1939 ( 1.89%).
Real estate appreciation rates in Elk River's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.28% during the period.
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 2.08%, 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 2.27%, which equates to an annual appreciation rate of 9.37%.
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.
$383,068
for Minnesota
for nation
9,449
$2,328 / per month