Waite Park, MN—56387
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Waite Park, MN
As of Nov '25, the median home price in Waite Park, MN is $245,000, with a year-over-year change of 4.2%. This indicates that home prices in Waite Park, MN are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $245,000 | 4.2% |
| Single Family | $249,000 | 4.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $238,000 | 3.9% |
3 Bed | $234,000 | 3.5% |
4 Bed | $279,000 | 4.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Waite Park, MN
As of July '25, Rentcast reports the average rent in Waite Park, MN is $1,120, with a year-over-year rent change of 15.9%. Per bedroom, the median rent as of July '25 in Waite Park, MN is 1-bedrooms: $818, 2-bedrooms: $1,140, 4-bedrooms: $1,800. The most common rental property sizes in Waite Park, MN are 2-bedroom and 1-bedroom, accounting for 67.9% and 18.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $975 | $1,120 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $835 | $818 |
| 2 Bed Rent | $995 | $1,140 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | $1,800 | $1,800 |
% of Rental Stock
Property Listings — Waite Park, MN
As of Nov '25, Realtor.com reports that the median days on market for a home in Waite Park, MN is 68. This is a increase of 22.0% 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 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $300,000 | 0.0% |
Listing Count | 18 | -12.0% |
| Listings as % of Homes | 0.3% | -12.0% |
Days on Market | 68 | 22.0% |
Demographics — Waite Park, MN
As of the latest ACS Survey released in 2023, Waite Park, MN has a population of 7,700, which has increased by 5.3% over the past 5 years. Waite Park, MN is a popular place for families, as children make up 25.5% of the population. The area has a poorly educated workforce, with 19.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,700 | 5.3% |
% Under 18 | 25.5% | 15.9% |
% Seniors | 20.2% | 23.9% |
% WFH | 5.0% | 22.0% |
% w/ College Degree | 19.0% | 6.1% |
As of the latest ACS Survey released in 2023, Waite Park, MN is a predominantly white area, with 52.7% of the population identifying as white. The white population has shrunk by 21.5% in the last 5 years. The second most common race or ethnicity in Waite Park, MN is black, making up 37.6% of the population. Foreign-born residents account for 23.2% of the population in Waite Park, MN, and this percentage has increased by 23.4% 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 | 52.7% | -21.5% |
% Black | 37.6% | 105.5% |
% Hispanic | 4.8% | -43.5% |
% Asian | 1.8% | -52.6% |
% Foreign Born | 23.2% | 23.4% |
Mortgage and Risk — Waite Park, MN
According to HUD data as of 2023, there were 109 mortgage originations in Waite Park, MN, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Waite Park, MN. Investor activity is low, as 7.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 109 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 7.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Rentals and Section 8 — Waite Park, MN
Waite Park, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 105 |
Total Units Section 8 | 105 |
% Rentals under Section 8 | 5.9% |
% Occupied Section 8 | 79.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $85 | $835 | $920 |
| 2 Bedroom | $205 | $995 | $1,200 |
| 3 Bedroom | N/A | N/A | $1,570 |
| 4 Bedroom | $70 | $1,800 | $1,870 |
Affordability — Waite Park, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $245,000 |
| Median Household Income | $57,400 |