Nokomis, Minneapolis, MN—55417
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Nokomis, Minneapolis, MN
As of Oct '25, the median home price in Nokomis, Minneapolis, MN is $368,000, with a year-over-year change of 3.1%. This indicates that home prices in Nokomis, Minneapolis, MN are increasing. According to Zillow, the 1-year price projection is -0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $368,000 | 3.2% |
| Single Family | $377,000 | 3.3% |
| Condos | $197,000 | 8.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $204,000 | 2.5% |
2 Bed | $294,000 | 2.8% |
3 Bed | $386,000 | 3.2% |
4 Bed | $475,000 | 4.4% |
| 5 Bed | $537,000 | 4.1% |
% of Housing Stock
Rental Trends — Nokomis, Minneapolis, MN
As of July '25, Rentcast reports the average rent in Nokomis, Minneapolis, MN is $1,910, with a year-over-year rent change of -13.6%. Per bedroom, the median rent as of July '25 in Nokomis, Minneapolis, MN is studios: $1,840, 1-bedrooms: $1,060, 2-bedrooms: $1,690, 3-bedrooms: $2,670, 4-bedrooms: $3,800. The most common rental property sizes in Nokomis, Minneapolis, MN are 1-bedroom and 2-bedroom, accounting for 35.2% and 29.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,910 |
| Studio Rent | $1,080 | $1,840 |
| 1 Bed Rent | $1,080 | $1,060 |
| 2 Bed Rent | $1,720 | $1,690 |
| 3 Bed Rent | $2,480 | $2,670 |
| 4 Bed Rent | $3,600 | $3,800 |
% of Rental Stock
Property Listings — Nokomis, Minneapolis, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Nokomis, Minneapolis, MN is 28. 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 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 | $367,000 | -3.0% |
Listing Count | 68 | -11.0% |
| Listings as % of Homes | 0.4% | -11.0% |
Days on Market | 28 | -6.0% |
Demographics — Nokomis, Minneapolis, MN
As of the latest ACS Survey released in 2023, Nokomis, Minneapolis, MN has a population of 25,700, which has decreased by -3.0% over the past 5 years. Nokomis, Minneapolis, MN is a moderately popular place for families, as children make up 22.5% of the population. The area has a highly educated workforce, with 61.9% 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 | 25,700 | -3.0% |
% Under 18 | 22.5% | 2.3% |
% Seniors | 14.2% | 9.2% |
% WFH | 25.7% | 350.9% |
% w/ College Degree | 61.9% | 10.1% |
As of the latest ACS Survey released in 2023, Nokomis, Minneapolis, MN is a predominantly white area, with 77.8% of the population identifying as white. The white population has shrunk by 1.0% in the last 5 years. The second most common race or ethnicity in Nokomis, Minneapolis, MN is hispanic, making up 9.9% of the population. Foreign-born residents account for 7.0% of the population in Nokomis, Minneapolis, MN, and this percentage has increased by 32.1% 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 | 77.8% | -1.0% |
% Black | 5.5% | -40.2% |
% Hispanic | 9.9% | 135.7% |
% Asian | 2.3% | 64.3% |
% Foreign Born | 7.0% | 32.1% |
Mortgage and Risk — Nokomis, Minneapolis, MN
According to HUD data as of 2023, there were 486 mortgage originations in Nokomis, Minneapolis, MN, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Nokomis, Minneapolis, MN. Investor activity is low, as 3.0% 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 | 486 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Nokomis, Minneapolis, MN
As of 2024, the percent of homes in Nokomis, Minneapolis, MN under the Section 8 program is 11.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Nokomis, Minneapolis, MN, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 273 |
Total Units Section 8 | 212 |
% Rentals under Section 8 | 11.3% |
% Occupied Section 8 | 83.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $260 | $1,080 | $1,340 |
| 2 Bedroom | -$90 | $1,720 | $1,630 |
| 3 Bedroom | -$310 | $2,480 | $2,170 |
| 4 Bedroom | -$1,170 | $3,600 | $2,430 |
Affordability — Nokomis, Minneapolis, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $368,000 |
| Median Household Income | $123,000 |