Dakota County’s latest rolling 12-month stats put Burnsville at a $345,000 median sale price—about $110 k under the Twin Cities metro median—making it one of the last affordable ramps to homeownership south of the Minnesota River. Inventory crept up to 1.9 months in March, still a seller’s market but looser than 2021’s 0.7-month crunch. New-construction activity is concentrated in the Heart of the City, where Pulta and DR Horton are releasing 180 townhomes priced $290-350 k, many of which qualify for MN Housing Step-Up with just 3 % down and below-market PMI.

Price per square foot has risen 6.8 % year-over-year to $189, but that lags Apple Valley ($205) and Lakeville ($211) because Burnsville’s housing stock skews to 1970-1990 builds on quarter-acre lots. For investors, the average three-bedroom rents for $1,980/mo, producing a 0.7 % monthly rent-to-price ratio—solid cash-flow by Minneapolis standards. If you’re house-hacking, duplexes around Nicollet Commons Park trade at $425 k and can be purchased with a VA loan up to four units as long as you live in one.

• Heart of the City – Walkable condos, park views, Orange Line transit; ideal for young professionals using 3-5 % down conventional or FHA. Median $245-315 k.
• Hidden Valley – Mature trees, larger 0.3-acre lots, Burnsville High School district; split-levels from $290 k, popular with VA no-down buyers.
• Vista View & Upper Prior Lake Rd – 1990s two-stories, many with three-car garages and basements wired for home offices. Prices $375-475 k; great for self-employed bank-statement borrowers who need space for inventory.
• around Crystal Lake – Custom rambles and Cape Cods with deeded lake access. Expect $525-700 k; jumbo 10 % down products or portfolio loans work well here.
• South Cross Dr / Cliff Rd corridor – Townhome clusters built 2005-2015, HOA handles snow/lawn. Prices $260-310 k; FHA spot approvals common, so you can buy even if the complex isn’t on the VA approved list yet.

Your Dakota County tax statement combines county, city, school and special-assessment levies. For 2024 payable, the total mill rate for most Burnsville parcels is 109.8 mills, translating to an effective rate of 1.05 % of estimated market value. On a $345 k home, budget roughly $3,620/year or $302/mo with your mortgage escrow.

Good news: Burnsville’s city portion is only 27 % of the bill, so city-council increases rarely move the needle more than $40-60 annually. School District 191 debt levy drops off in 2029, meaning projected savings of ~$180 per year for the average homeowner. First-time buyers earning under $107,800 household (Dakota County 2024 AMI) qualify for the Minnesota Market Value Homestead Credit which trims the net tax by about 8 %, saving $290 on that median home.

Finally, veterans with a service-connected disability of 70 % or higher can apply for a market-value exclusion up to $300 k—potentially erasing the entire tax bill. NMHL’s VA team files the paperwork concurrently with your loan so the exemption appears on your very first assessment.

1. MN Housing Start Up – 3 % down conventional or 3.5 % FHA; income limit $125 k household. Pair with Monthly Payment Loan (up to $17,000) to cover entire down; payment is deferred until refinance/sale.
2. Dakota County DakotaHOME – $10-15 k silent second forgiven after 10 years; household income under $99,600 for a 1-2 person household. Can be layered with Start Up.
3. City of Burnsville Gap Assistance – Up to $15 k at 0 % interest, $200/mo repayment over 6 years; property must be inside city limits and buyer must contribute $1,000 of own funds. NMHL matches you to program before you sign the purchase agreement.
4. Federal Home Loan Bank of Des Moines Home$tart – $5,000 grant, forgivable after 5 years; available through NMHL because we are a member institution.
5. Good Credit Reward – MN Housing offers a 0.25 % rate reduction if your qualifying FICO is 740+. On a $300 k loan that saves $42/mo or $15 k over the life of the loan.

Important layering rule: county + city assistance cannot exceed 6 % of purchase price, so on a $250 k home you can use up to $15 k total. We run the math before you write the offer so there are no last-minute surprises.

Because Burnsville attracts everyone from fresh-out-of-college renters at the Ames Center to multi-generational families wanting lakefront, NMHL built a product grid that meets each niche:

• FHA Low-Credit Edge – 580 score, 3.5 % down, manual underwrite to account for medical collections that plague many post-pandemic credit files.
• VA Zero-Fee Option – Finance the 2.3 % funding fee into the loan, keeping cash-to-close under $1,000 for qualified veterans. We accept non-traditional credit (utility, rent, childcare payments) if your file is thin.
• USDA Rural Burnsville – Parcels south of 140th and east of Flagstaff are still eligible; we map your GPS coordinates at pre-approval so you can bid confidently on those larger lots.
• Bank-Statement Pro – 12 or 24 months of business statements, loan amounts to $1.5 million, 20 % down, 660 minimum. Perfect for South Metro contractors, E-commerce sellers, or medical consultants.
• Portfolio Fresh-Start – One-day out of Chapter 13, 500 score OK with 20 % down; recent bankruptcy is common after medical events, and sellers here understand the story.
• Jumbo 10 % Down – Loan amounts to $1.25 million with no PMI by using simultaneous second lien; ideal for custom builds along the bluff overlooking the Minnesota River.

Every loan is processed in our Burnsville office, not shipped out of state, so local appraisers familiar with Cliff Fen wetlands or the old ammunition plant contamination radius handle your file—critical for accurate valuations.

Most Burnsville addresses fall under Burnsville-Eagan-Savage School District 191. The district’s 4-year graduation rate hit 93 % in 2023, outperforming the state average, and that academic strength props up resale values: homes zoned for Burnsville High command roughly $14-19 per square foot more than similar homes across the line in District 194 (Lakeville) even though tax rates are lower here.

Within Burnsville, elementary boundaries matter to young families. Houses feeding Hidden Valley Elementary (9/10 GreatSchools) sell in median 11 days, while those tied to Marion W. Savage Elementary (7/10) linger 17 days; the premium averages $12 k for the higher-rated school after adjusting for square footage. If you’re buying with a 5 % down conventional loan, that $12 k equates to roughly $58/mo—still cheaper than two years of private preschool tuition.

Special note: District 191 offers the Spark program, Minnesota’s first K-12 computer science pathway, which is driving employer relocations to the Ames Center corridor—and employer relocations mean housing demand. NMHL’s Home-Economics report (free with pre-approval) projects 5-7 % annual appreciation within the Spark boundary through 2027.