Waconia, MN—55387
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Waconia, MN
As of Oct '25, the median home price in Waconia, MN is $450,000, with a year-over-year change of -0.3%. This indicates that home prices in Waconia, MN are flat. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $450,000 | -0.3% |
| Single Family | $451,000 | -0.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $283,000 | -1.4% |
3 Bed | $404,000 | -0.7% |
4 Bed | $483,000 | -0.6% |
| 5 Bed | $556,000 | -1.1% |
% of Housing Stock
Rental Trends — Waconia, MN
As of July '25, Rentcast reports the average rent in Waconia, MN is $1,840, with a year-over-year rent change of -7.1%. Per bedroom, the median rent as of July '25 in Waconia, MN is studios: $1,400, 1-bedrooms: $1,140, 2-bedrooms: $1,800, 3-bedrooms: $1,700, 4-bedrooms: $2,550. The most common rental property sizes in Waconia, MN are 2-bedroom and 1-bedroom, accounting for 33.7% and 26.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,840 |
| Studio Rent | $1,400 | $1,400 |
| 1 Bed Rent | $1,030 | $1,140 |
| 2 Bed Rent | $1,800 | $1,800 |
| 3 Bed Rent | $1,500 | $1,700 |
| 4 Bed Rent | $2,500 | $2,550 |
% of Rental Stock
Property Listings — Waconia, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Waconia, MN is 61. This is a increase of 5.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $544,000 | -2.0% |
Listing Count | 67 | -4.0% |
| Listings as % of Homes | 0.9% | -4.0% |
Days on Market | 61 | 5.0% |
Demographics — Waconia, MN
As of the latest ACS Survey released in 2023, Waconia, MN has a population of 14,700, which has increased by 10.1% over the past 5 years. Waconia, MN is a popular place for families, as children make up 26.1% of the population. The area has a highly educated workforce, with 49.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,700 | 10.1% |
% Under 18 | 26.1% | -11.5% |
% Seniors | 13.8% | -1.4% |
% WFH | 21.1% | 339.6% |
% w/ College Degree | 49.2% | -2.6% |
As of the latest ACS Survey released in 2023, Waconia, MN is a predominantly white area, with 91.8% of the population identifying as white. The white population has shrunk by 2.9% in the last 5 years. The second most common race or ethnicity in Waconia, MN is hispanic, making up 4.4% of the population. Foreign-born residents account for 2.3% of the population in Waconia, MN, and this percentage has increased by 4.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 91.8% | -2.9% |
% Black | 1.1% | 22.2% |
% Hispanic | 4.4% | 109.5% |
% Asian | 0.1% | -83.3% |
% Foreign Born | 2.3% | 4.5% |
Mortgage and Risk — Waconia, MN
According to HUD data as of 2023, there were 330 mortgage originations in Waconia, MN, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Waconia, MN. Investor activity is low, as 3.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 330 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Waconia, MN
As of 2024, the percent of homes in Waconia, MN under the Section 8 program is 12.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Waconia, MN, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 117 |
Total Units Section 8 | 117 |
% Rentals under Section 8 | 12.2% |
% Occupied Section 8 | 90.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $270 | $1,030 | $1,300 |
| 2 Bedroom | -$210 | $1,800 | $1,590 |
| 3 Bedroom | $620 | $1,500 | $2,120 |
| 4 Bedroom | -$130 | $2,500 | $2,370 |
Affordability — Waconia, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $450,000 |
| Median Household Income | $109,000 |