Elko New Market, MN—55020
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Elko New Market, MN
Home Price Trends — Elko New Market, MN
As of Oct '25, the median home price in Elko New Market, MN is $510,000, with a year-over-year change of 2.3%. This indicates that home prices in Elko New Market, MN are increasing. According to Zillow, the 1-year price projection is -0.5%, 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 | 2.3% |
| Single Family | $511,000 | 2.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $445,000 | 4.0% |
3 Bed | $470,000 | 3.3% |
4 Bed | $525,000 | 2.1% |
| 5 Bed | $543,000 | 1.3% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Elko New Market, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Elko New Market, MN is 72. This is a increase of 66.0% 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 7.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $560,000 | 5.0% |
Listing Count | 28 | 17.0% |
| Listings as % of Homes | 1.8% | 17.0% |
Days on Market | 72 | 66.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Elko New Market, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $510,000 |
| Median Household Income | $127,000 |