Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Dakota County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $337,089 | $243,729 | $242,182 |
| Price Trend (Annual %) | 14.1% | 7.9% | 8.2% |
| Median Gross Rent | $1,496 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 5.9% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Dakota County is about 38% higher than in Minnesota. Rent is about 21% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Dakota County, up about 14.1% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Dakota County rose about 54.2% between 2015 and 2023, from $970 to $1,496. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Dakota County.
Buying the median-priced home in Dakota County costs roughly 18.8 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 Dakota County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Dakota County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $337,089 | $243,729 | $242,182 |
| Median Household Income | $105,239 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Dakota County rose about 118.5%, while median household income rose about 43.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Dakota County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.3% | 65.6% | 58.2% |
| Rental Rate | 24.0% | 25.0% | 31.3% |
| Vacancy Rate | 2.7% | 9.4% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Dakota County has a homeownership rate of 73.3%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 2.7%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Dakota County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1980 | 1976 | 1978 |
| Median Number of Rooms | 6.6 | 6.1 | 5.5 |
The typical housing unit in Dakota County was built around 1980. On average, 2.6 people live in a home with about 6.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Dakota County, Minnesota.
What is the median home price in Dakota County, Minnesota?
The median home price in Dakota County, Minnesota is $337,089, higher than the Minnesota average of $243,729.
What is the average home price in Dakota County, Minnesota?
The typical home price in %s, reported as the median sale price, is %s. 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 Dakota County, Minnesota?
The median gross rent in Dakota County, Minnesota is $1,496 per month, higher than the Minnesota average of $1,234.
What was the median gross rent in Dakota County in 2020?
In 2020, the median gross rent in Dakota County, Minnesota was $1,234 per month.
What is the price-to-rent ratio in Dakota County, Minnesota?
The price-to-rent ratio in Dakota County, Minnesota is about 18.8, meaning it would take roughly 18.8 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 Dakota County.
Are home prices or rent rising faster in Dakota County, Minnesota?
Both home prices and rent are rising in Dakota County, up about 14.1% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Dakota County, Minnesota?
73.3% of households in Dakota County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Dakota County, Minnesota?
The housing vacancy rate in Dakota County, Minnesota is 2.7%, lower than the Minnesota average of 9.4%.