Murray County, Minnesota Housing Market Prices
Murray County 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 9% below the Minnesota median$215,000
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Median rent 37% below the Minnesota median Cheaper than 71% of counties in Minnesota$810
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Murray County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $215,000 | $236,718 | $248,835 |
| Price Trend (Annual %) | 32.7% | 6.6% | 7.5% |
| Median Gross Rent | $810 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Murray County is about 9% lower than in Minnesota. Rent is about 37% lower 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 Murray County, up about 32.7% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Murray County rose about 46.0% between 2015 and 2024, from $555 to $810. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Murray County.
Buying the median-priced home in Murray County costs roughly 22.1 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 Murray County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Murray County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $215,000 | $236,718 | $248,835 |
| Median Household Income | $74,135 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.9 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Murray County rose about 207.1%, while median household income rose about 53.2% between 2010 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 | Murray County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.4% | 65.5% | 58.5% |
| Rental Rate | 14.6% | 25.2% | 31.2% |
| Vacancy Rate | 18.0% | 9.3% | 10.2% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Murray County has a homeownership rate of 67.4%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 18.0%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Murray County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1960 | 1976 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Murray County was built around 1960. On average, 2.2 people live in a home with about 6.5 rooms, staying for about 19.0 years on average.
Murray County, MN Housing Compared With Nearby Counties
How Murray County, MN compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Murray County, MN | 8,097 | $215,000 #1/3 | $810 #2/3 | 82.2% #1/3 |
| Lyon County, MN | 25,503 | $101,293 | $780 | 74.7% |
| Cottonwood County, MN | 11,447 | $155,061 | $817 | 74.4% |
Frequently Asked Questions
Common questions about the housing market in Murray County, Minnesota.
What is the median home price in Murray County, Minnesota?
The median home price in Murray County, Minnesota is $215,000, lower than the Minnesota average of $236,718.
What is the average home price in Murray County, Minnesota?
The typical home price in Murray County, Minnesota, reported as the median sale price, is $215,000. 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 Murray County, Minnesota?
The median gross rent in Murray County, Minnesota is $810 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Murray County in 2020?
In 2020, the median gross rent in Murray County, Minnesota was $576 per month.
What is the price-to-rent ratio in Murray County, Minnesota?
The price-to-rent ratio in Murray County, Minnesota is about 22.1, meaning it would take roughly 22.1 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 Murray County.
Are home prices or rent rising faster in Murray County, Minnesota?
Both home prices and rent are rising in Murray County, up about 32.7% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Murray County, Minnesota?
67.4% of households in Murray County, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Murray County, Minnesota?
The housing vacancy rate in Murray County, Minnesota is 18.0%, higher than the Minnesota average of 9.3%.
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