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  1. Home
  2. /Browse ZIP Codes
  3. /Minnesota
  4. /Savage, MN - 55378

Savage, MN—55378

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$440,000
1.6% YoY Growth
Household Income
$122,000
9.8% YoY Growth
Days on Market
29
8.0% Longer YoY
Home Price Forecast
-0.4%
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
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

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 1.6%. 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 TypeMedian Home ValueYoY % Change
All Homes
$440,0001.6%
Single Family $441,0001.4%
Condos $302,0002.4%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$301,0000.0%
    3 Bed
    		$391,0001.6%
    4 Bed
    		$478,0001.5%
    5 Bed $583,7141.4%
    Loading chart...

    % of Housing Stock

    Studio
    0.8%
    1 Bedroom
    3.7%
    2 Bedrooms
    16.6%
    3 Bedrooms
    29.9%
    4 Bedrooms
    34.9%
    5+ Bedrooms
    14.0%

    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.

    TypeMedian RentAverage 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.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$545,00017.0%
    Listing Count
    		1140.0%
    Listings as % of Homes0.5%0.0%
    Days on Market
    		298.0%
    Loading chart...

    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.

    MetricLatest CensusYoY % Change
    Population
    		32,1007.2%
    % Under 18
    		24.8%-13.9%
    % Seniors
    		12.8%68.4%
    % WFH
    		19.5%242.1%
    % w/ College Degree
    		51.0%6.9%
    Loading chart...

    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

    MetricLatest Census5-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%
    Loading chart...

    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

    MetricZip 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%
    Loading chart...
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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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio3.5
    Median Home Price$440,000
    Median Household Income$122,000

    Savage, MN — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Bloomington, MN

    55437

    Bloomington, MN

    55438

    Burnsville, MN

    55306

    Bloomington, MN

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    Burnsville, MN

    55337

    Frequently Asked Questions