Lakeville, Minnesota Housing Market Prices
Lakeville 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.
-
Median home price 123% above the Minnesota median$527,116
-
Median rent 41% above the Minnesota median$1,805
Housing Market Overview
| Metric | Lakeville | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $527,116 | $236,718 | $248,835 |
| Price Trend (Annual %) | 21.9% | 6.6% | 7.5% |
| Median Gross Rent | $1,805 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lakeville is about 123% higher than in Minnesota. Rent is about 41% 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 Lakeville, up about 21.9% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Lakeville rose about 59.5% between 2015 and 2024, from $1,132 to $1,805. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Lakeville.
Buying the median-priced home in Lakeville costs roughly 24.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lakeville. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Lakeville | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $527,116 | $236,718 | $248,835 |
| Median Household Income | $138,357 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.8 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lakeville rose about 255.3%, while median household income rose about 41.0% between 2009 and 2025 — 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 | Lakeville | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 85.7% | 65.5% | 58.5% |
| Rental Rate | 11.9% | 25.2% | 31.2% |
| Vacancy Rate | 2.4% | 9.3% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Lakeville has a homeownership rate of 85.7%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 2.4%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Lakeville | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.89 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1998 | 1976 | 1978 |
| Median Number of Rooms | 7.6 | 6.1 | 5.5 |
The typical housing unit in Lakeville was built around 1998. On average, 2.9 people live in a home with about 7.6 rooms, staying for about 13.0 years on average.
Lakeville, MN Housing Compared With Nearby Cities
How Lakeville, MN compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lakeville, MN | 74,391 | $527,116 #1/3 | $1,805 #1/3 | 87.8% #1/3 |
| Burnsville, MN | 64,463 | $294,941 | $1,513 | 64.6% |
| Savage, MN | 32,874 | $262,492 | $1,765 | 85.8% |
Frequently Asked Questions
Common questions about the housing market in Lakeville, Minnesota.
What is the median home price in Lakeville, Minnesota?
The median home price in Lakeville, Minnesota is $527,116, higher than the Minnesota average of $236,718.
What is the average home price in Lakeville, Minnesota?
The typical home price in Lakeville, Minnesota, reported as the median sale price, is $527,116. 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 Lakeville, Minnesota?
The median gross rent in Lakeville, Minnesota is $1,805 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Lakeville in 2020?
In 2020, the median gross rent in Lakeville, Minnesota was $1,463 per month.
What is the price-to-rent ratio in Lakeville, Minnesota?
The price-to-rent ratio in Lakeville, Minnesota is about 24.3, meaning it would take roughly 24.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lakeville.
Are home prices or rent rising faster in Lakeville, Minnesota?
Both home prices and rent are rising in Lakeville, up about 21.9% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lakeville, Minnesota?
85.7% of households in Lakeville, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Lakeville, Minnesota?
The housing vacancy rate in Lakeville, Minnesota is 2.4%, lower than the Minnesota average of 9.3%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →