Independence, MN 55359 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Independence, MN—55359

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$610,000

3.7% YoY Growth

Household Income

$130,000

33.3% YoY Growth

Days on Market

6.0% Shorter YoY

Home Price Forecast

-1.6%

Median Rent

$2,600

1.7% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$1,250

38.6% YoY Growth

3-Bed Rent

$2,600

N/A

Home Price Trends — Independence, MN

As of May '26, the median home price in Independence, MN is $610,000, with a year-over-year change of 3.7%. This indicates that home prices in Independence, MN are increasing. According to Zillow, the 1-year price projection is -1.6%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$610,000	3.7%
Single Family	$693,000	4.4%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Independence, MN

As of July '25, Rentcast reports the average rent in Independence, MN is $2,330, with a year-over-year rent change of -1.7%. Per bedroom, the median rent as of July '25 in Independence, MN is 2-bedrooms: $1,320, 3-bedrooms: $2,800. The most common rental property sizes in Independence, MN are 2-bedroom and 1-bedroom, accounting for 50.6% and 17.0% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,600	$2,330
Studio Rent	N/A	N/A
1 Bed Rent	N/A	N/A
2 Bed Rent	$1,250	$1,320
3 Bed Rent	$2,600	$2,800
4 Bed Rent	N/A	N/A

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% of Rental Stock

Studio

7.9%

1 Bedroom

17.0%

2 Bedrooms

50.6%

3 Bedrooms

1.0%

4 Bedrooms

11.2%

5+ Bedrooms

12.2%

Property Listings — Independence, MN

As of May '26, Realtor.com reports that the median days on market for a home in Independence, 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 20.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$1,800,000	44.0%
Listing Count	41	6.0%
Listings as % of Homes	0.8%	6.0%
Days on Market	66	-6.0%

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Demographics — Independence, MN

As of the latest ACS Survey released in 2023, Independence, MN has a population of 7,070, which has increased by 11.3% over the past 5 years. Independence, MN is a popular place for families, as children make up 29.3% of the population. The area has a highly educated workforce, with 58.0% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 25.7% reporting working from home.

Metric	Latest Census	YoY % Change
Population	7,070	11.3%
% Under 18	29.3%	14.0%
% Seniors	17.5%	13.6%
% WFH	25.7%	149.5%
% w/ College Degree	58.0%	27.8%

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As of the latest ACS Survey released in 2023, Independence, MN is a predominantly white area, with 91.1% of the population identifying as white. The white population has grown by 0.1% in the last 5 years. The second most common race or ethnicity in Independence, MN is hispanic, making up 1.9% of the population. Foreign-born residents account for 2.5% of the population in Independence, MN, and this percentage has decreased by 21.9% 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	91.1%	0.1%
% Black	1.4%	-63.2%
% Hispanic	1.9%	-42.4%
% Asian	1.2%	100.0%
% Foreign Born	2.5%	-21.9%

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Mortgage and Risk — Independence, MN

According to HUD data as of 2023, there were 110 mortgage originations in Independence, MN, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Independence, MN. Investor activity is low, as 3.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	110
% Conventional Loans	96.0%
% Government Loans	4.0%
% Investor Loans	3.0%
% Second Loans	1.0%
% Cash Out Refinance	11.0%

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Rentals and Section 8 — Independence, MN

Independence, MN lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	40
Total Units Section 8	40
% Rentals under Section 8	10.2%
% Occupied Section 8	70.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	N/A	N/A	$1,200
2 Bedroom	$210	$1,250	$1,460
3 Bedroom	-$630	$2,600	$1,970
4 Bedroom	N/A	N/A	$2,240

Independence, MN—55359

Key Metrics at a Glance

Home Price Trends — Independence, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Independence, MN

% of Rental Stock

Property Listings — Independence, MN

Demographics — Independence, MN

Race and Ethnicity

Mortgage and Risk — Independence, MN

Mortgages

Rentals and Section 8 — Independence, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Independence, MN

Home Price to Income Ratio

Independence, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Mound, MN

Rockford, MN

Spring Park, MN

Greenfield, MN

Delano, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4.3
Median Home Price	$610,000
Median Household Income	$130,000

Independence, MN—55359

Key Metrics at a Glance

Home Price Trends — Independence, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Independence, MN

% of Rental Stock

Property Listings — Independence, MN

Demographics — Independence, MN

Race and Ethnicity

Mortgage and Risk — Independence, MN

Mortgages

Rentals and Section 8 — Independence, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Independence, MN

Home Price to Income Ratio

Independence, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Mound, MN

Rockford, MN

Spring Park, MN

Greenfield, MN

Delano, MN

Frequently Asked Questions

What is the average home price in Independence, MN 55359?

How have home prices in Independence, MN 55359 changed over the past year?

What is the home price projection for Independence, MN 55359?

What are the demographics of Independence, MN 55359?

How long does it take homes to sell in Independence, MN 55359?

What is the average rent price in Independence, MN 55359?