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 | Sherburne County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $251,477 | $243,729 | $242,182 |
| Price Trend (Annual %) | 7.3% | 7.9% | 8.2% |
| Median Gross Rent | $1,150 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 2.9% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sherburne County is about 3% higher than in Minnesota. Rent is about 7% 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 Sherburne County, up about 7.3% and 2.9% a year respectively. Home prices are changing faster.
Median rent in Sherburne County rose about 24.4% between 2015 and 2023, from $925 to $1,150. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Sherburne County.
Buying the median-priced home in Sherburne County costs roughly 18.2 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 Sherburne County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Sherburne County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $251,477 | $243,729 | $242,182 |
| Median Household Income | $103,016 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sherburne County rose about 45.6%, while median household income rose about 45.2% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Sherburne County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 80.5% | 65.6% | 58.2% |
| Rental Rate | 15.0% | 25.0% | 31.3% |
| Vacancy Rate | 4.5% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Sherburne County has a homeownership rate of 80.5%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 4.5%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Sherburne County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.78 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1993 | 1976 | 1978 |
| Median Number of Rooms | 6.7 | 6.1 | 5.5 |
The typical housing unit in Sherburne County was built around 1993. On average, 2.8 people live in a home with about 6.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sherburne County, Minnesota.
What is the median home price in Sherburne County, Minnesota?
The median home price in Sherburne County, Minnesota is $251,477, higher than the Minnesota average of $243,729.
What is the average home price in Sherburne 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 Sherburne County, Minnesota?
The median gross rent in Sherburne County, Minnesota is $1,150 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Sherburne County in 2020?
In 2020, the median gross rent in Sherburne County, Minnesota was $981 per month.
What is the price-to-rent ratio in Sherburne County, Minnesota?
The price-to-rent ratio in Sherburne County, Minnesota is about 18.2, meaning it would take roughly 18.2 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 Sherburne County.
Are home prices or rent rising faster in Sherburne County, Minnesota?
Both home prices and rent are rising in Sherburne County, up about 7.3% and 2.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Sherburne County, Minnesota?
80.5% of households in Sherburne County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Sherburne County, Minnesota?
The housing vacancy rate in Sherburne County, Minnesota is 4.5%, lower than the Minnesota average of 9.4%.