Elgin, MN—55932
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elgin, MN
As of Oct '25, the median home price in Elgin, MN is $343,000, with a year-over-year change of 4.8%. This indicates that home prices in Elgin, MN are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $343,000 | 4.8% |
| Single Family | $343,000 | 4.6% |
| 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 | $334,000 | 5.4% |
4 Bed | $376,000 | 5.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Elgin, MN
As of July '25, Rentcast reports the average rent in Elgin, MN is $1,250, with a year-over-year rent change of 108.3%. Per bedroom, the median rent as of July '25 in Elgin, MN is 2-bedrooms: $1,250. The most common rental property sizes in Elgin, MN are 2-bedroom and 1-bedroom, accounting for 47.5% and 22.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,250 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,250 | $1,250 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Elgin, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Elgin, MN is 56. This is a increase of 33.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $412,000 | 5.0% |
Listing Count | 6 | -29.0% |
| Listings as % of Homes | 0.1% | -29.0% |
Days on Market | 56 | 33.0% |
Demographics — Elgin, MN
As of the latest ACS Survey released in 2023, Elgin, MN has a population of 2,080, which has remained stable by -0.0% over the past 5 years. Elgin, MN is a moderately popular place for families, as children make up 21.5% of the population. The area has a moderately educated workforce, with 31.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,080 | 0.0% |
% Under 18 | 21.5% | -15.0% |
% Seniors | 13.6% | -4.2% |
% WFH | 13.8% | 170.6% |
% w/ College Degree | 31.6% | 35.0% |
As of the latest ACS Survey released in 2023, Elgin, MN is a predominantly white area, with 92.4% of the population identifying as white. The white population has shrunk by 2.6% in the last 5 years. The second most common race or ethnicity in Elgin, MN is hispanic, making up 3.6% of the population. Foreign-born residents account for 1.5% of the population in Elgin, MN, and this percentage has increased by 66.7% 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 | 92.4% | -2.6% |
% Black | 0.0% | N/A |
% Hispanic | 3.6% | 125.0% |
% Asian | 2.4% | 50.0% |
% Foreign Born | 1.5% | 66.7% |
Mortgage and Risk — Elgin, MN
According to HUD data as of 2023, there were 72 mortgage originations in Elgin, MN, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 11.0% above 90% LTV (elevated). This implies medium mortgage risk in Elgin, MN. Investor activity is low, as 6.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 72 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 6.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Elgin, MN
Elgin, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1 |
Total Units Section 8 | 1 |
% 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 | N/A | N/A | $840 |
| 2 Bedroom | -$210 | $1,250 | $1,040 |
| 3 Bedroom | N/A | N/A | $1,460 |
| 4 Bedroom | N/A | N/A | $1,760 |
Affordability — Elgin, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $343,000 |
| Median Household Income | $103,000 |