Elk River, MN 55330 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Elk River, MN—55330

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$417,000

1.8% YoY Growth

Household Income

$111,000

21.4% YoY Growth

Days on Market

5.0% Longer YoY

Home Price Forecast

-1.5%

Median Rent

$2,000

1.0% YoY Growth

1-Bed Rent

$1,620

N/A

2-Bed Rent

$1,500

4.0% YoY Growth

3-Bed Rent

$2,100

0.9% YoY Growth

Home Price Trends — Elk River, MN

As of May '26, the median home price in Elk River, MN is $417,000, with a year-over-year change of 1.8%. This indicates that home prices in Elk River, MN are increasing. According to Zillow, the 1-year price projection is -1.5%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$417,000	1.8%
Single Family	$418,000	1.5%
Condos	$281,000	2.2%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Elk River, MN

As of July '25, Rentcast reports the average rent in Elk River, MN is $2,070, with a year-over-year rent change of -1.0%. Per bedroom, the median rent as of July '25 in Elk River, MN is 1-bedrooms: $1,620, 2-bedrooms: $1,570, 3-bedrooms: $2,200, 4-bedrooms: $2,720. The most common rental property sizes in Elk River, MN are 2-bedroom and 1-bedroom, accounting for 33.6% and 25.1% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,000	$2,070
Studio Rent	N/A	N/A
1 Bed Rent	$1,620	$1,620
2 Bed Rent	$1,500	$1,570
3 Bed Rent	$2,100	$2,200
4 Bed Rent	$2,750	$2,720

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% of Rental Stock

Studio

8.9%

1 Bedroom

25.1%

2 Bedrooms

33.6%

3 Bedrooms

23.4%

4 Bedrooms

8.1%

5+ Bedrooms

1.0%

Property Listings — Elk River, MN

As of May '26, Realtor.com reports that the median days on market for a home in Elk River, MN is 29. This is a increase of 5.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 21.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$471,000	1.0%
Listing Count	233	-8.0%
Listings as % of Homes	0.7%	-8.0%
Days on Market	29	5.0%

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Demographics — Elk River, MN

As of the latest ACS Survey released in 2023, Elk River, MN has a population of 45,100, which has increased by 17.8% over the past 5 years. Elk River, MN is a popular place for families, as children make up 25.7% of the population. The area has a moderately educated workforce, with 33.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.1% reporting working from home.

Metric	Latest Census	YoY % Change
Population	45,100	17.8%
% Under 18	25.7%	-4.1%
% Seniors	13.3%	15.7%
% WFH	13.1%	178.7%
% w/ College Degree	33.1%	17.4%

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As of the latest ACS Survey released in 2023, Elk River, MN is a predominantly white area, with 85.0% of the population identifying as white. The white population has shrunk by 8.5% in the last 5 years. The second most common race or ethnicity in Elk River, MN is black, making up 4.4% of the population. Foreign-born residents account for 5.3% of the population in Elk River, MN, and this percentage has increased by 32.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	85.0%	-8.5%
% Black	4.4%	131.6%
% Hispanic	3.4%	78.9%
% Asian	1.2%	-14.3%
% Foreign Born	5.3%	32.5%

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Mortgage and Risk — Elk River, MN

According to HUD data as of 2023, there were 821 mortgage originations in Elk River, MN, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Elk River, MN. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	821
% Conventional Loans	83.0%
% Government Loans	17.0%
% Investor Loans	2.0%
% Second Loans	0.0%
% Cash Out Refinance	7.0%

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Rentals and Section 8 — Elk River, MN

As of 2024, the percent of homes in Elk River, MN under the Section 8 program is 5.7%. 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. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Elk River, MN, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.

Section 8 Market Size

Total Units under HUD	198
Total Units Section 8	145
% Rentals under Section 8	5.7%
% Occupied Section 8	93.4%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$370	$1,620	$1,250
2 Bedroom	$20	$1,500	$1,520
3 Bedroom	-$80	$2,100	$2,020
4 Bedroom	-$480	$2,750	$2,270

Elk River, MN—55330

Key Metrics at a Glance

Home Price Trends — Elk River, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Elk River, MN

% of Rental Stock

Property Listings — Elk River, MN

Demographics — Elk River, MN

Race and Ethnicity

Mortgage and Risk — Elk River, MN

Mortgages

Rentals and Section 8 — Elk River, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Elk River, MN

Home Price to Income Ratio

Elk River, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Zimmerman, MN

Albertville, MN

Ramsey, MN

Rogers, MN

Dayton, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.5
Median Home Price	$417,000
Median Household Income	$111,000

Elk River, MN—55330

Key Metrics at a Glance

Home Price Trends — Elk River, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Elk River, MN

% of Rental Stock

Property Listings — Elk River, MN

Demographics — Elk River, MN

Race and Ethnicity

Mortgage and Risk — Elk River, MN

Mortgages

Rentals and Section 8 — Elk River, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Elk River, MN

Home Price to Income Ratio

Elk River, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Zimmerman, MN

Albertville, MN

Ramsey, MN

Rogers, MN

Dayton, MN

Frequently Asked Questions

What is the average home price in Elk River, MN 55330?

How have home prices in Elk River, MN 55330 changed over the past year?

What is the home price projection for Elk River, MN 55330?

What are the demographics of Elk River, MN 55330?

How long does it take homes to sell in Elk River, MN 55330?

What is the average rent price in Elk River, MN 55330?