Burnsville, Minnesota Housing Market Prices
Burnsville Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 25% above the Minnesota median$294,941
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Median rent 18% above the Minnesota median$1,513
Housing Market Overview
| Metric | Burnsville | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,941 | $236,718 | $248,835 |
| Price Trend (Annual %) | 6.4% | 6.6% | 7.5% |
| Median Gross Rent | $1,513 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Burnsville is about 25% higher than in Minnesota. Rent is about 18% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Burnsville, up about 6.4% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Burnsville rose about 52.6% between 2015 and 2024, from $991 to $1,513. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Burnsville.
Buying the median-priced home in Burnsville costs roughly 16.2 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Burnsville. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Burnsville | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,941 | $236,718 | $248,835 |
| Median Household Income | $86,818 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.4 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Burnsville rose about 24.2%, while median household income rose about 29.1% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Burnsville | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.1% | 65.5% | 58.5% |
| Rental Rate | 34.5% | 25.2% | 31.2% |
| Vacancy Rate | 2.5% | 9.3% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Burnsville has a homeownership rate of 63.1%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 2.5%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Burnsville | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1982 | 1976 | 1978 |
| Median Number of Rooms | 5.8 | 6.1 | 5.5 |
The typical housing unit in Burnsville was built around 1982. On average, 2.5 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Burnsville, MN Housing Compared With Nearby Cities
Burnsville, MN is typical in size for this group, 64,463 residents against a local median of 74,391, so the measures below are close to a like for like comparison. Where Burnsville, MN breaks from the cities next to it is homeownership, sitting 25% below the local median of 85.8% at 64.6%. That is the weaker end of the local range on this measure.
The cities themselves spread 22.0% on homeownership, so Burnsville, MN sits at one end of an already wide local range rather than apart from it. Burnsville, MN has the 4th highest homeownership of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Burnsville, MN | 64,463 | $294,941 #3/4 | $1,513 #4/4 | 64.6% #4/4 |
| Bloomington, MN | 88,700 | $345,554 | $1,561 | 65.7% |
| Savage, MN | 32,874 | $262,492 | $1,765 | 85.8% |
| Lakeville, MN | 74,391 | $527,116 | $1,805 | 87.8% |
Frequently Asked Questions
Common questions about the housing market in Burnsville, Minnesota.
What is the median home price in Burnsville, Minnesota?
The median home price in Burnsville, Minnesota is $294,941, higher than the Minnesota average of $236,718.
What is the average home price in Burnsville, Minnesota?
The typical home price in Burnsville, Minnesota, reported as the median sale price, is $294,941. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Burnsville, Minnesota?
The median gross rent in Burnsville, Minnesota is $1,513 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Burnsville in 2020?
In 2020, the median gross rent in Burnsville, Minnesota was $1,297 per month.
What is the price-to-rent ratio in Burnsville, Minnesota?
The price-to-rent ratio in Burnsville, Minnesota is about 16.2, meaning it would take roughly 16.2 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Burnsville.
Are home prices or rent rising faster in Burnsville, Minnesota?
Both home prices and rent are rising in Burnsville, up about 6.4% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Burnsville, Minnesota?
63.1% of households in Burnsville, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Burnsville, Minnesota?
The housing vacancy rate in Burnsville, Minnesota is 2.5%, lower than the Minnesota average of 9.3%.
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