Lakeville, MN55044

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$510,000
1.5% YoY Growth
Median Household Income
$141,000
26.1% 5-Year Growth
Days on Market
48
7.0% Shorter than last year
Home Price Forecast
-0.3%
Median Rent
$2,500
8.6% YoY Growth
1-Bed Rent
$1,350
0.0% YoY Growth
2-Bed Rent
$1,930
1.4% YoY Growth
3-Bed Rent
$2,500
2.1% YoY Growth

Property Listings — Lakeville, MN

As of Oct '25, Realtor.com reports that the median days on market for a home in Lakeville, MN is 48. This is a decrease of -7.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 28.0%, representing a large inventory and a lot of supply pressure on home prices.

MetricZip Code AverageYear over Year % Change
Median Listing Price
$589,0000.0%
Listing Count
3403.0%
Listings as % of Homes1.1%3.0%
Days on Market
48-7.0%
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Demographics — Lakeville, MN

As of the latest ACS Survey released in 2023, Lakeville, MN has a population of 63,300, which has increased by 18.2% over the past 5 years. Lakeville, MN is a popular place for families, as children make up 27.9% of the population. The area has a highly educated workforce, with 54.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.2% reporting working from home.

MetricLatest CensusYoY % Change
Population
63,30018.2%
% Under 18
27.9%-3.5%
% Seniors
11.0%8.9%
% WFH
22.2%226.5%
% w/ College Degree
54.3%2.1%
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As of the latest ACS Survey released in 2023, Lakeville, MN is a predominantly white area, with 79.8% of the population identifying as white. The white population has shrunk by 6.4% in the last 5 years. The second most common race or ethnicity in Lakeville, MN is hispanic, making up 6.2% of the population. Foreign-born residents account for 8.5% of the population in Lakeville, MN, and this percentage has increased by 7.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

MetricLatest Census5-Year % Change
% White
79.8%-6.4%
% Black
4.0%37.9%
% Hispanic
6.2%93.8%
% Asian
5.8%1.8%
% Foreign Born
8.5%7.6%
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Mortgage and Risk — Lakeville, MN

According to HUD data as of 2023, there were 680 mortgage originations in Lakeville, MN, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Lakeville, MN. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

MetricZip Code Average
Total Loan Originations
680
% Conventional Loans
92.0%
% Government Loans
8.0%
% Investor Loans
2.0%
% Second Loans
1.0%
% Cash Out Refinance
9.0%

Loan Activity

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Rentals and Section 8 — Lakeville, MN

As of 2024, the percent of homes in Lakeville, MN under the Section 8 program is 8.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Lakeville, MN, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.

Section 8 Market Size

Total Units under HUD
227
Total Units Section 8
219
% Rentals under Section 8
8.5%
% Occupied Section 8
96.5%

Section 8 Opportunity

Home SizeHUD PremiumMarket RentMax HUD Rent
1 Bedroom$400$1,350$1,750
2 Bedroom$210$1,930$2,140
3 Bedroom$350$2,500$2,850
4 Bedroom$190$3,000$3,190

Affordability — Lakeville, MN

Home Price to Income Ratio

MetricZip Code Average
Home Price to Income Ratio3.5
Median Home Price$510,000
Median Household Income$141,000

Lakeville, MN — ZIP Code Boundary Map

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Frequently Asked Questions