Spring Park, MN—55384
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Spring Park, MN
As of Oct '25, the median home price in Spring Park, MN is $570,000, with a year-over-year change of 6.9%. This indicates that home prices in Spring Park, MN are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $570,000 | 6.9% |
| Single Family | $693,000 | -0.9% |
| Condos | $503,000 | 10.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $423,000 | 7.6% |
2 Bed | $616,000 | 9.4% |
3 Bed | $876,000 | 0.8% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Spring Park, MN
As of July '25, Rentcast reports the average rent in Spring Park, MN is $2,760, with a year-over-year rent change of 40.8%. Per bedroom, the median rent as of July '25 in Spring Park, MN is 1-bedrooms: $1,660, 2-bedrooms: $1,300, 3-bedrooms: $7,500. The most common rental property sizes in Spring Park, MN are 2-bedroom and 1-bedroom, accounting for 47.3% and 46.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,420 | $2,760 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,420 | $1,660 |
| 2 Bed Rent | $1,300 | $1,300 |
| 3 Bed Rent | $7,500 | $7,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Spring Park, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Spring Park, MN is 64. This is a decrease of -51.0% 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 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $555,000 | -35.0% |
Listing Count | 16 | 133.0% |
| Listings as % of Homes | 0.3% | 133.0% |
Days on Market | 64 | -51.0% |
Demographics — Spring Park, MN
As of the latest ACS Survey released in 2023, Spring Park, MN has a population of 1,870, which has increased by 2.2% over the past 5 years. Spring Park, MN is a less popular place for families, as children make up 5.5% of the population. The area has a moderately educated workforce, with 30.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,870 | 2.2% |
% Under 18 | 5.5% | -43.9% |
% Seniors | 39.6% | 15.5% |
% WFH | 5.9% | -47.3% |
% w/ College Degree | 30.7% | 0.0% |
As of the latest ACS Survey released in 2023, Spring Park, MN is a predominantly white area, with 85.5% of the population identifying as white. The white population has shrunk by 6.0% in the last 5 years. The second most common race or ethnicity in Spring Park, MN is black, making up 7.6% of the population. Foreign-born residents account for 9.7% of the population in Spring Park, MN, and this percentage has increased by 185.3% 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 | 85.5% | -6.0% |
% Black | 7.6% | 123.5% |
% Hispanic | 0.9% | 125.0% |
% Asian | 2.6% | 188.9% |
% Foreign Born | 9.7% | 185.3% |
Mortgage and Risk — Spring Park, MN
According to HUD data as of 2023, there were 67 mortgage originations in Spring Park, MN, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 9.0% above 90% LTV (normal). This implies small mortgage risk in Spring Park, MN. Investor activity is low, as 4.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 67 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 4.0% |
% Second Loans | 9.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Spring Park, MN
Spring Park, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 7 |
Total Units Section 8 | 7 |
% Rentals under Section 8 | 0.7% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$150 | $1,420 | $1,270 |
| 2 Bedroom | $250 | $1,300 | $1,550 |
| 3 Bedroom | -$5,440 | $7,500 | $2,060 |
| 4 Bedroom | N/A | N/A | $2,310 |
Affordability — Spring Park, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 10.6 |
| Median Home Price | $570,000 |
| Median Household Income | $46,900 |