Elk River Housing Market Report January 2025•Sherburne County, Minnesota

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Housing Prices in Elk River, MN

How much do homes in Elk River, MN cost?

Housing Market Conditions

Is Elk River, MN a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Elk River is a Neutral Market

Difference Since January 2024

At the same time last year, Elk River was a Seller's Market.

Insight

Elk River is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$404,800$190/SqFt
+$7,300
+1.8%

Based on all homes sold in the last 12 months

Insight

Homes in Elk River have sold for 1.8% more than they did a year ago.

Summary: The median home sold price in Elk River was $404,800 in January 2025, up 1.8% from last year, and the median price per square foot was $190.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Dayton
+14.4%
Ramsey
+6.8%
Elk River
+1.8%
Otsego
-3.8%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2024Jan 2025Change YoY
1$155.9K$221K
+41.8%
2$250K$269.7K
+7.9%
3$339.6K$374K
+10.1%
4$445.5K$457.5K
+2.7%
5$499K$495K
-0.8%

Summary: Elk River housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes increased by +41.8%. The home price for 2 bedroom homes increased by +7.9%. The home price for 3 bedroom homes increased by +10.1%. The home price for 4 bedroom homes increased by +2.7%. The home price for 5 bedroom homes decreased by -0.8%.

Housing supply in Elk River, MN

How many homes are available in Elk River, MN?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
237Last MonthJan 2025
1992 months agoDec 2024
+19.1 %
Change MoMDec – Jan

Summary: The Elk River real estate market had 237 homes for sale in Jan 2025, a 19.1 % increase compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
37Last MonthJan 2025
442 months agoDec 2024
-15.9 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
100
0.0%
23237
+15.6%
35772
+26.3%
46882
+20.6%
54246
+9.5%

Summary: Elk River housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes increased by +15.6%. The inventory for 3 bedroom homes increased by +26.3%. The inventory for 4 bedroom homes increased by +20.6%. The inventory for 5 bedroom homes increased by +9.5%.

Asking Price vs. Sold Price

How much do homes in Elk River, MN cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price8 Homes

At Asking Price9 Homes

Under Asking Price20 Homes

Insight

If you're buying a home in Elk River, you may be able to get a good deal. 54.1% of homes here sold below asking price last month.

Summary: A total of 37 homes were sold or pending in Elk River in January 2025, down by 15.9% month-over-month. Of the 37 sold homes, 54% were sold under asking, 24% were sold at asking, and and 22% were sold over asking.

Days on Market for Elk River, MN

How long does it take to sell a home in Elk River, MN?

Breakdown of Home Sale Times

Under 30 Days13 Homes

30 – 90 Days20 Homes

Over 90 Days4 Homes

Insight

Avg time on Rocket Homes in Elk River has remained consistent over time.

Summary: During January 2025, 37 homes were sold in Elk River; 35% of homes were sold within 30 days, 54% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
47 DaysThis YearJan 2025
49 Days1 year agoJan 2024
-3.2 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in Elk River had an average listing age of 47 days in Jan 2025, down by 3.2% compared to the previous year.

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Newest Listings in Elk River, MN

What homes are available in Elk River, MN?

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Last updated on: 2/7/2025, 11:52:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.