Savage, MN—55378
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Savage, MN
As of Oct '25, the median home price in Savage, MN is $430,000, with a year-over-year change of 1.5%. This indicates that home prices in Savage, 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 | $430,000 | 1.5% |
| Single Family | $432,000 | 1.6% |
| Condos | $297,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $302,000 | 1.3% |
3 Bed | $382,000 | 1.6% |
4 Bed | $468,000 | 1.3% |
| 5 Bed | $572,000 | 1.4% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Savage, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Savage, MN is 34. 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $431,000 | -3.0% |
Listing Count | 109 | -3.0% |
| Listings as % of Homes | 0.5% | -3.0% |
Days on Market | 34 | -9.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Savage, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $430,000 |
| Median Household Income | $122,000 |