Elk River, MN—55330
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elk River, MN
As of Oct '25, the median home price in Elk River, MN is $410,000, with a year-over-year change of 2.3%. This indicates that home prices in Elk River, MN are increasing. According to Zillow, the 1-year price projection is -0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $410,000 | 2.3% |
| Single Family | $411,000 | 2.2% |
| Condos | $278,000 | 1.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $227,000 | 1.8% |
2 Bed | $290,000 | 1.8% |
3 Bed | $379,000 | 3.0% |
4 Bed | $456,000 | 2.0% |
| 5 Bed | $517,000 | 1.2% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Elk River, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Elk River, MN is 39. This is a decrease of -9.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $460,000 | 2.0% |
Listing Count | 218 | 2.0% |
| Listings as % of Homes | 0.7% | 2.0% |
Days on Market | 39 | -9.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Elk River, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $410,000 |
| Median Household Income | $111,000 |