I heard this phrase in the TV show Grimm. Does it mean that I'll wait until you come out of the house?
No, that's not the basic meaning, though that could well be the implication in this particular case. It's just coincidence here that the transparent idiom 'wait out' has a particle (out) where the prepositional use is obviously not impossible. Contrast
'Let's wait the storm out in the hotel'.
The basic senses are:
wait something out: to wait until something ends
[McGraw-Hill Dictionary of American Idioms and Phrasal Verbs.]
wait somebody out also wait out somebody: to allow time to go past until someone does something
[usually as an alternative to intervening in an undesired situation – or at least indicating that patience is being exercised]
[Cambridge Dictionary of American Idioms]