Elko New Market, MN 55020 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Elko New Market, MN—55020

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$526,000

2.9% YoY Growth

Household Income

$127,000

7.3% YoY Growth

Days on Market

6.0% Shorter YoY

Home Price Forecast

-1.4%

Median Rent

$3,000

N/A

1-Bed Rent

N/A

2-Bed Rent

N/A

3-Bed Rent

$2,660

N/A

Other Zip Codes in Elko New Market, MN

55054

Home Price Trends — Elko New Market, MN

As of May '26, the median home price in Elko New Market, MN is $526,000, with a year-over-year change of 2.9%. This indicates that home prices in Elko New Market, MN are increasing. According to Zillow, the 1-year price projection is -1.4%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$526,000	2.9%
Single Family	$527,000	3.1%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Elko New Market, MN

Elko New Market, MN lacks sufficient rental market data for analysis.

Type	Median Rent	Average Rent
Average Rent	$3,000	$3,550
Studio Rent	N/A	N/A
1 Bed Rent	N/A	N/A
2 Bed Rent	N/A	N/A
3 Bed Rent	$2,660	$2,660
4 Bed Rent	$3,000	$3,000

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% of Rental Stock

3 Bedrooms

100.0%

Property Listings — Elko New Market, MN

As of May '26, Realtor.com reports that the median days on market for a home in Elko New Market, MN is 66. This is a decrease of -6.0% 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 12.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$584,000	-9.0%
Listing Count	33	-12.0%
Listings as % of Homes	1.8%	-12.0%
Days on Market	66	-6.0%

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Demographics — Elko New Market, MN

As of the latest ACS Survey released in 2023, Elko New Market, MN has a population of 4,390, which has increased by 17.1% over the past 5 years. Elko New Market, MN is a popular place for families, as children make up 29.9% of the population. The area has a moderately educated workforce, with 37.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.7% reporting working from home.

Metric	Latest Census	YoY % Change
Population	4,390	17.1%
% Under 18	29.9%	4.5%
% Seniors	11.1%	42.3%
% WFH	16.7%	101.2%
% w/ College Degree	37.9%	-21.9%

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As of the latest ACS Survey released in 2023, Elko New Market, MN is a predominantly white area, with 87.8% of the population identifying as white. The white population has shrunk by 6.2% in the last 5 years. The second most common race or ethnicity in Elko New Market, MN is black, making up 5.7% of the population. Foreign-born residents account for 3.8% of the population in Elko New Market, MN, and this percentage has increased by 15.2% 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	87.8%	-6.2%
% Black	5.7%	2,750.0%
% Hispanic	5.6%	1,300.0%
% Asian	0.1%	-96.8%
% Foreign Born	3.8%	15.2%

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Mortgage and Risk — Elko New Market, MN

According to HUD data as of 2023, there were 164 mortgage originations in Elko New Market, MN, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Elko New Market, MN. Investor activity is low, as 0.0% 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	164
% Conventional Loans	90.0%
% Government Loans	10.0%
% Investor Loans	0.0%
% Second Loans	0.0%
% Cash Out Refinance	9.0%

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Rentals and Section 8 — Elko New Market, MN

Elko New Market, MN lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	N/A
Total Units Section 8	N/A
% Rentals under Section 8	N/A
% Occupied Section 8	N/A

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	N/A	N/A	$1,490
2 Bedroom	N/A	N/A	$1,870
3 Bedroom	-$180	$2,660	$2,480
4 Bedroom	-$130	$3,000	$2,870

Elko New Market, MN—55020

Key Metrics at a Glance

Other Zip Codes in Elko New Market, MN

Home Price Trends — Elko New Market, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Elko New Market, MN

% of Rental Stock

Property Listings — Elko New Market, MN

Demographics — Elko New Market, MN

Race and Ethnicity

Mortgage and Risk — Elko New Market, MN

Mortgages

Rentals and Section 8 — Elko New Market, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Elko New Market, MN

Home Price to Income Ratio

Elko New Market, MN — ZIP Code Boundary Map

Nearby ZIP Codes