Lakeville, MN—55044
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lakeville, MN
As of Oct '25, the median home price in Lakeville, MN is $510,000, with a year-over-year change of 1.5%. This indicates that home prices in Lakeville, MN are increasing. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $510,000 | 1.5% |
| Single Family | $513,000 | 1.6% |
| Condos | $281,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $326,000 | 0.0% |
3 Bed | $414,000 | 1.2% |
4 Bed | $527,000 | 1.2% |
| 5 Bed | $618,000 | 0.7% |
% of Housing Stock
Rental Trends — Lakeville, MN
As of July '25, Rentcast reports the average rent in Lakeville, MN is $2,450, with a year-over-year rent change of -8.6%. Per bedroom, the median rent as of July '25 in Lakeville, MN is studios: $1,370, 1-bedrooms: $1,380, 2-bedrooms: $2,110, 3-bedrooms: $2,420, 4-bedrooms: $3,300. The most common rental property sizes in Lakeville, MN are 2-bedroom and 1-bedroom, accounting for 35.1% and 27.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,450 |
| Studio Rent | $1,330 | $1,370 |
| 1 Bed Rent | $1,350 | $1,380 |
| 2 Bed Rent | $1,930 | $2,110 |
| 3 Bed Rent | $2,500 | $2,420 |
| 4 Bed Rent | $3,000 | $3,300 |
% of Rental Stock
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.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $589,000 | 0.0% |
Listing Count | 340 | 3.0% |
| Listings as % of Homes | 1.1% | 3.0% |
Days on Market | 48 | -7.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 63,300 | 18.2% |
% Under 18 | 27.9% | -3.5% |
% Seniors | 11.0% | 8.9% |
% WFH | 22.2% | 226.5% |
% w/ College Degree | 54.3% | 2.1% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $510,000 |
| Median Household Income | $141,000 |