Olmsted County, Minnesota Housing Market Prices
Olmsted 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 13% below the Minnesota median$206,692
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Median rent 7% above the Minnesota median More expensive than 93% of counties in Minnesota$1,370
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Olmsted County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $206,692 | $236,718 | $248,835 |
| Price Trend (Annual %) | 4.8% | 6.6% | 7.5% |
| Median Gross Rent | $1,370 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 6.2% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Olmsted County is about 13% lower than in Minnesota. Rent is about 7% 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 Olmsted County, up about 4.8% and 6.2% a year respectively. Rent is changing faster.
Median rent in Olmsted County rose about 65.7% between 2015 and 2024, from $826 to $1,370. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Olmsted County.
Buying the median-priced home in Olmsted County costs roughly 12.6 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 Olmsted County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Olmsted County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $206,692 | $236,718 | $248,835 |
| Median Household Income | $96,754 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.1 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Olmsted County rose about 31.5%, while median household income rose about 43.9% 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 | Olmsted County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.4% | 65.5% | 58.5% |
| Rental Rate | 27.7% | 25.2% | 31.2% |
| Vacancy Rate | 6.0% | 9.3% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Olmsted County has a homeownership rate of 66.4%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 6.0%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Olmsted County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1985 | 1976 | 1978 |
| Median Number of Rooms | 6.2 | 6.1 | 5.5 |
The typical housing unit in Olmsted County was built around 1985. On average, 2.4 people live in a home with about 6.2 rooms, staying for about 14.0 years on average.
Olmsted County, MN Housing Compared With Nearby Counties
Olmsted County, MN is the largest of the 5 counties compared here, 164,423 residents against a local median of 30,878. Olmsted County, MN's median rent, at $1,370, runs 45% above the $946 typical of the counties around it.
Median home price tells the same story from another angle: $206,692 against a local median of $266,754, 23% below it. The counties themselves sit within $224 of each other on median rent, a tighter band than the gap between any of them and Olmsted County, MN, which makes it a genuine outlier here rather than one end of a wide local spread. Olmsted County, MN has the highest median rent of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Olmsted County, MN | 164,423 | $206,692 #4/5 | $1,370 #1/5 | 70.6% #5/5 |
| Fillmore County, MN | 21,414 | $208,333 | $796 | 82.6% |
| Dodge County, MN | 21,046 | $340,475 | $1,020 | 86.6% |
| Mower County, MN | 40,341 | $103,820 | $926 | 77.6% |
| Goodhue County, MN | 47,943 | $325,175 | $966 | 78.8% |
Frequently Asked Questions
Common questions about the housing market in Olmsted County, Minnesota.
What is the median home price in Olmsted County, Minnesota?
The median home price in Olmsted County, Minnesota is $206,692, lower than the Minnesota average of $236,718.
What is the average home price in Olmsted County, Minnesota?
The typical home price in Olmsted County, Minnesota, reported as the median sale price, is $206,692. 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 Olmsted County, Minnesota?
The median gross rent in Olmsted County, Minnesota is $1,370 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Olmsted County in 2020?
In 2020, the median gross rent in Olmsted County, Minnesota was $1,028 per month.
What is the price-to-rent ratio in Olmsted County, Minnesota?
The price-to-rent ratio in Olmsted County, Minnesota is about 12.6, meaning it would take roughly 12.6 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 Olmsted County.
Are home prices or rent rising faster in Olmsted County, Minnesota?
Both home prices and rent are rising in Olmsted County, up about 4.8% and 6.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Olmsted County, Minnesota?
66.4% of households in Olmsted County, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Olmsted County, Minnesota?
The housing vacancy rate in Olmsted County, Minnesota is 6.0%, lower than the Minnesota average of 9.3%.
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