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 | Nicollet County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $167,187 | $243,729 | $242,182 |
| Price Trend (Annual %) | 26.5% | 7.9% | 8.2% |
| Median Gross Rent | $931 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 2.0% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Nicollet County is about 31% lower than in Minnesota. Rent is about 25% lower 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 Nicollet County, up about 26.5% and 2.0% a year respectively. Home prices are changing faster.
Median rent in Nicollet County rose about 23.1% between 2015 and 2023, from $756 to $931. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Nicollet County.
Buying the median-priced home in Nicollet County costs roughly 15.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Nicollet County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Nicollet County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $167,187 | $243,729 | $242,182 |
| Median Household Income | $79,369 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Nicollet County rose about 114.2%, while median household income rose about 42.9% 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 | Nicollet County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.4% | 65.6% | 58.2% |
| Rental Rate | 26.6% | 25.0% | 31.3% |
| Vacancy Rate | 4.0% | 9.4% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Nicollet County has a homeownership rate of 69.4%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 4.0%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Nicollet County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1973 | 1976 | 1978 |
| Median Number of Rooms | 6.7 | 6.1 | 5.5 |
The typical housing unit in Nicollet County was built around 1973. On average, 2.4 people live in a home with about 6.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Nicollet County, Minnesota.
What is the median home price in Nicollet County, Minnesota?
The median home price in Nicollet County, Minnesota is $167,187, lower than the Minnesota average of $243,729.
What is the average home price in Nicollet 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 Nicollet County, Minnesota?
The median gross rent in Nicollet County, Minnesota is $931 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Nicollet County in 2020?
In 2020, the median gross rent in Nicollet County, Minnesota was $866 per month.
What is the price-to-rent ratio in Nicollet County, Minnesota?
The price-to-rent ratio in Nicollet County, Minnesota is about 15.0, meaning it would take roughly 15.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Nicollet County.
Are home prices or rent rising faster in Nicollet County, Minnesota?
Both home prices and rent are rising in Nicollet County, up about 26.5% and 2.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Nicollet County, Minnesota?
69.4% of households in Nicollet County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Nicollet County, Minnesota?
The housing vacancy rate in Nicollet County, Minnesota is 4.0%, lower than the Minnesota average of 9.4%.