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 | Sibley County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,820 | $243,729 | $242,182 |
| Price Trend (Annual %) | 29.7% | 7.9% | 8.2% |
| Median Gross Rent | $857 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sibley County is about 66% lower than in Minnesota. Rent is about 31% 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 Sibley County, up about 29.7% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Sibley County rose about 36.1% between 2015 and 2023, from $630 to $857. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Sibley County.
Buying the median-priced home in Sibley County costs roughly 8.1 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 Sibley County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Sibley County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,820 | $243,729 | $242,182 |
| Median Household Income | $80,526 | $88,383 | $78,145 |
| Price-to-Income Ratio | 1.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sibley County fell about 4.5%, while median household income rose about 58.5% between 2009 and 2023 — 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 | Sibley County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.5% | 65.6% | 58.2% |
| Rental Rate | 17.6% | 25.0% | 31.3% |
| Vacancy Rate | 8.8% | 9.4% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Sibley County has a homeownership rate of 73.5%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 8.8%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Sibley County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1967 | 1976 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Sibley County was built around 1967. On average, 2.6 people live in a home with about 6.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sibley County, Minnesota.
What is the median home price in Sibley County, Minnesota?
The median home price in Sibley County, Minnesota is $83,820, lower than the Minnesota average of $243,729.
What is the average home price in Sibley 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 Sibley County, Minnesota?
The median gross rent in Sibley County, Minnesota is $857 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Sibley County in 2020?
In 2020, the median gross rent in Sibley County, Minnesota was $735 per month.
What is the price-to-rent ratio in Sibley County, Minnesota?
The price-to-rent ratio in Sibley County, Minnesota is about 8.1, meaning it would take roughly 8.1 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 Sibley County.
Are home prices or rent rising faster in Sibley County, Minnesota?
Both home prices and rent are rising in Sibley County, up about 29.7% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Sibley County, Minnesota?
73.5% of households in Sibley County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Sibley County, Minnesota?
The housing vacancy rate in Sibley County, Minnesota is 8.8%, lower than the Minnesota average of 9.4%.