Shakopee, Minnesota Housing Market Prices
Shakopee 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 38% above the Minnesota median$327,839
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Median rent 20% above the Minnesota median$1,536
Housing Market Overview
| Metric | Shakopee | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $327,839 | $236,718 | $248,835 |
| Price Trend (Annual %) | 14.4% | 6.6% | 7.5% |
| Median Gross Rent | $1,536 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 3.6% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Shakopee is about 38% higher than in Minnesota. Rent is about 20% 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 Shakopee, up about 14.4% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Shakopee rose about 43.3% between 2015 and 2024, from $1,072 to $1,536. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Shakopee.
Buying the median-priced home in Shakopee costs roughly 17.8 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 Shakopee. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Shakopee | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $327,839 | $236,718 | $248,835 |
| Median Household Income | $107,440 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.1 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Shakopee rose about 137.3%, while median household income rose about 35.5% 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 | Shakopee | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.3% | 65.5% | 58.5% |
| Rental Rate | 24.9% | 25.2% | 31.2% |
| Vacancy Rate | 2.8% | 9.3% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Shakopee has a homeownership rate of 72.3%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 2.8%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Shakopee | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.70 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1996 | 1976 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Shakopee was built around 1996. On average, 2.7 people live in a home with about 6.5 rooms, staying for about 13.0 years on average.
Shakopee, MN Housing Compared With Nearby Cities
How Shakopee, MN compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Shakopee, MN | 44,264 | $327,839 #1/3 | $1,536 #3/3 | 74.4% #3/3 |
| Eden Prairie, MN | 62,436 | $188,949 | $1,832 | 76.0% |
| Savage, MN | 32,874 | $262,492 | $1,765 | 85.8% |
Frequently Asked Questions
Common questions about the housing market in Shakopee, Minnesota.
What is the median home price in Shakopee, Minnesota?
The median home price in Shakopee, Minnesota is $327,839, higher than the Minnesota average of $236,718.
What is the average home price in Shakopee, Minnesota?
The typical home price in Shakopee, Minnesota, reported as the median sale price, is $327,839. 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 Shakopee, Minnesota?
The median gross rent in Shakopee, Minnesota is $1,536 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Shakopee in 2020?
In 2020, the median gross rent in Shakopee, Minnesota was $1,214 per month.
What is the price-to-rent ratio in Shakopee, Minnesota?
The price-to-rent ratio in Shakopee, Minnesota is about 17.8, meaning it would take roughly 17.8 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 Shakopee.
Are home prices or rent rising faster in Shakopee, Minnesota?
Both home prices and rent are rising in Shakopee, up about 14.4% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Shakopee, Minnesota?
72.3% of households in Shakopee, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Shakopee, Minnesota?
The housing vacancy rate in Shakopee, Minnesota is 2.8%, lower than the Minnesota average of 9.3%.
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