Elko New Market, MN—55054
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 $424,000, with a year-over-year change of 1.4%. This indicates that home prices in Elko New Market, MN are increasing. According to Zillow, the 1-year price projection is -0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $424,000 | 1.4% |
| Single Family | $424,000 | 1.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $385,000 | 1.9% |
4 Bed | $450,000 | 1.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Elko New Market, MN
As of July '25, Rentcast reports the average rent in Elko New Market, MN is $1,350, with a year-over-year rent change of -20.6%. Per bedroom, the median rent as of July '25 in Elko New Market, MN is 1-bedrooms: $1,350. The most common rental property sizes in Elko New Market, MN are 3-bedroom and 1-bedroom, accounting for 78.0% and 22.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,350 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,350 | $1,350 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% 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 41. 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 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $435,000 | -1.0% |
Listing Count | 26 | 163.0% |
| Listings as % of Homes | 1.2% | 163.0% |
Days on Market | 41 | 8.0% |
Demographics — Elko New Market, MN
As of the latest ACS Survey released in 2023, Elko New Market, MN has a population of 2,580, which has decreased by -1.5% over the past 5 years. Elko New Market, MN is a moderately popular place for families, as children make up 24.3% of the population. The area has a moderately educated workforce, with 40.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,580 | -1.5% |
% Under 18 | 24.3% | -34.7% |
% Seniors | 6.0% | 57.9% |
% WFH | 21.7% | 325.5% |
% w/ College Degree | 40.9% | -12.0% |
As of the latest ACS Survey released in 2023, Elko New Market, MN is a predominantly white area, with 81.7% of the population identifying as white. The white population has shrunk by 11.8% in the last 5 years. The second most common race or ethnicity in Elko New Market, MN is black, making up 3.0% of the population. Foreign-born residents account for 3.4% of the population in Elko New Market, MN, and this percentage has decreased by 37.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 81.7% | -11.8% |
% Black | 3.0% | -45.5% |
% Hispanic | 0.7% | ∞% |
% Asian | 2.7% | 92.9% |
% Foreign Born | 3.4% | -37.0% |
Mortgage and Risk — Elko New Market, MN
Elko New Market, MN lacks sufficient mortgage origination data for analysis.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | N/A |
% Conventional Loans | N/A |
% Government Loans | N/A |
% Investor Loans | N/A |
% Second Loans | N/A |
% Cash Out Refinance | N/A |
Loan Activity
No data available
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 | $120 | $1,350 | $1,470 |
| 2 Bedroom | N/A | N/A | $1,790 |
| 3 Bedroom | N/A | N/A | $2,380 |
| 4 Bedroom | N/A | N/A | $2,670 |
Affordability — Elko New Market, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $424,000 |
| Median Household Income | $152,000 |