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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.



Elk River, 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 Q2 2024. 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

Elk River, MN Housing Market Trends

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%).

Elk River Home Appreciation Rates

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.

Average Home Values

Median Home Value

$383,068

Elk River, MN Home Prices
> $1,217,000
$913,001 - $1,217,000
$608,001 - $913,000
$487,001 - $608,000
$365,001 - $487,000
$243,001 - $365,000
$122,001 - $243,000
$61,001 - $122,000
$0 - $61,000
0.7%
0.7%
0.3%
0.3%
6.9%
6.9%
12.5%
12.5%
28.9%
28.9%
40.0%
40.0%
8.9%
8.9%
0.1%
0.1%
1.6%
1.6%
0% 100.0%
% of Homes
High

for Minnesota

High

for nation

Number of Homes And Apartments:

9,449

Elk River Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,328 / per month

Homeownership Rate

Owners
Renters
76.5%
76.5%
23.5%
23.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.3%
4.3%
95.7%
95.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
36.1%
36.1%
51.7%
51.7%
10.3%
10.3%
1.9%
1.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
65.5%
65.5%
15.9%
15.9%
3.4%
3.4%
15.2%
15.2%
0.0%
0.0%
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
1.8%
1.8%
6.2%
6.2%
23.4%
23.4%
33.9%
33.9%
26.0%
26.0%
8.6%
8.6%
0% 100.0%
% of Homes