Savage, MN 55378 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Savage, MN—55378

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$440,000

1.7% YoY Growth

Household Income

$122,000

9.8% YoY Growth

Days on Market

8.0% Longer YoY

Home Price Forecast

-1.6%

Median Rent

$2,240

0.8% YoY Growth

1-Bed Rent

$1,460

N/A

2-Bed Rent

$2,000

14.5% YoY Growth

3-Bed Rent

$2,440

17.9% YoY Growth

Home Price Trends — Savage, MN

As of May '26, the median home price in Savage, MN is $440,000, with a year-over-year change of 1.7%. This indicates that home prices in Savage, MN are increasing. According to Zillow, the 1-year price projection is -1.6%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$440,000	1.7%
Single Family	$442,000	1.6%
Condos	$305,000	2.0%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Savage, MN

As of July '25, Rentcast reports the average rent in Savage, MN is $2,410, with a year-over-year rent change of 0.8%. Per bedroom, the median rent as of July '25 in Savage, MN is studios: $1,380, 1-bedrooms: $1,460, 2-bedrooms: $1,970, 3-bedrooms: $2,440, 4-bedrooms: $3,000. The most common rental property sizes in Savage, MN are 2-bedroom and 3-bedroom, accounting for 42.1% and 26.3% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,240	$2,410
Studio Rent	$1,350	$1,380
1 Bed Rent	$1,460	$1,460
2 Bed Rent	$2,000	$1,970
3 Bed Rent	$2,440	$2,440
4 Bed Rent	$3,000	$3,000

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% of Rental Stock

Studio

4.4%

1 Bedroom

22.7%

2 Bedrooms

42.1%

3 Bedrooms

26.3%

4 Bedrooms

1.8%

5+ Bedrooms

2.8%

Property Listings — Savage, MN

As of May '26, Realtor.com reports that the median days on market for a home in Savage, MN is 29. This is a increase of 8.0% 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 18.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$545,000	17.0%
Listing Count	114	0.0%
Listings as % of Homes	0.5%	0.0%
Days on Market	29	8.0%

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Demographics — Savage, MN

As of the latest ACS Survey released in 2023, Savage, MN has a population of 32,100, which has increased by 7.2% over the past 5 years. Savage, MN is a moderately popular place for families, as children make up 24.8% of the population. The area has a highly educated workforce, with 51.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.5% reporting working from home.

Metric	Latest Census	YoY % Change
Population	32,100	7.2%
% Under 18	24.8%	-13.9%
% Seniors	12.8%	68.4%
% WFH	19.5%	242.1%
% w/ College Degree	51.0%	6.9%

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As of the latest ACS Survey released in 2023, Savage, MN is a predominantly white area, with 71.9% of the population identifying as white. The white population has shrunk by 8.4% in the last 5 years. The second most common race or ethnicity in Savage, MN is black, making up 9.9% of the population. Foreign-born residents account for 10.4% of the population in Savage, MN, and this percentage has decreased by 5.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	71.9%	-8.4%
% Black	9.9%	45.6%
% Hispanic	4.9%	19.5%
% Asian	6.9%	-15.9%
% Foreign Born	10.4%	-5.5%

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Mortgage and Risk — Savage, MN

According to HUD data as of 2023, there were 606 mortgage originations in Savage, MN, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Savage, MN. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	606
% Conventional Loans	90.0%
% Government Loans	10.0%
% Investor Loans	1.0%
% Second Loans	0.0%
% Cash Out Refinance	9.0%

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Rentals and Section 8 — Savage, MN

As of 2024, the percent of homes in Savage, MN under the Section 8 program is 7.8%. 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 Savage, 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	146
Total Units Section 8	146
% Rentals under Section 8	7.8%
% Occupied Section 8	95.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$200	$1,460	$1,660
2 Bedroom	$30	$2,000	$2,030
3 Bedroom	$260	$2,440	$2,700
4 Bedroom	$30	$3,000	$3,030

Savage, MN—55378

Key Metrics at a Glance

Home Price Trends — Savage, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Savage, MN

% of Rental Stock

Property Listings — Savage, MN

Demographics — Savage, MN

Race and Ethnicity

Mortgage and Risk — Savage, MN

Mortgages

Rentals and Section 8 — Savage, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Savage, MN

Home Price to Income Ratio

Savage, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Bloomington, MN

Bloomington, MN

Burnsville, MN

Bloomington, MN

Burnsville, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.5
Median Home Price	$440,000
Median Household Income	$122,000

Savage, MN—55378

Key Metrics at a Glance

Home Price Trends — Savage, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Savage, MN

% of Rental Stock

Property Listings — Savage, MN

Demographics — Savage, MN

Race and Ethnicity

Mortgage and Risk — Savage, MN

Mortgages

Rentals and Section 8 — Savage, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Savage, MN

Home Price to Income Ratio

Savage, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Bloomington, MN

Bloomington, MN

Burnsville, MN

Bloomington, MN

Burnsville, MN

Frequently Asked Questions

What is the average home price in Savage, MN 55378?

How have home prices in Savage, MN 55378 changed over the past year?

What is the home price projection for Savage, MN 55378?

What are the demographics of Savage, MN 55378?

How long does it take homes to sell in Savage, MN 55378?

What is the average rent price in Savage, MN 55378?