North Mankato, MN—56003
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — North Mankato, MN
As of Oct '25, the median home price in North Mankato, MN is $314,000, with a year-over-year change of 6.3%. This indicates that home prices in North Mankato, MN are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $314,000 | 6.3% |
| Single Family | $315,000 | 6.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $240,000 | 6.7% |
3 Bed | $277,000 | 6.1% |
4 Bed | $346,000 | 6.1% |
| 5 Bed | $466,000 | 6.2% |
% of Housing Stock
Rental Trends — North Mankato, MN
As of July '25, Rentcast reports the average rent in North Mankato, MN is $1,990, with a year-over-year rent change of 37.2%. Per bedroom, the median rent as of July '25 in North Mankato, MN is 2-bedrooms: $995, 3-bedrooms: $2,600, 4-bedrooms: $2,190. The most common rental property sizes in North Mankato, MN are 2-bedroom and 1-bedroom, accounting for 49.7% and 28.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,380 | $1,990 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $995 | $995 |
| 3 Bed Rent | $2,600 | $2,600 |
| 4 Bed Rent | $1,380 | $2,190 |
% of Rental Stock
Property Listings — North Mankato, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in North Mankato, MN is 55. This is a increase of 17.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $388,000 | -5.0% |
Listing Count | 60 | 4.0% |
| Listings as % of Homes | 0.4% | 4.0% |
Days on Market | 55 | 17.0% |
Demographics — North Mankato, MN
As of the latest ACS Survey released in 2023, North Mankato, MN has a population of 15,300, which has increased by 4.9% over the past 5 years. North Mankato, MN is a popular place for families, as children make up 25.2% of the population. The area has a moderately educated workforce, with 42.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,300 | 4.9% |
% Under 18 | 25.2% | 5.4% |
% Seniors | 16.8% | 13.5% |
% WFH | 10.5% | 275.0% |
% w/ College Degree | 42.9% | 15.3% |
As of the latest ACS Survey released in 2023, North Mankato, MN is a predominantly white area, with 87.3% of the population identifying as white. The white population has shrunk by 3.3% in the last 5 years. The second most common race or ethnicity in North Mankato, MN is hispanic, making up 4.8% of the population. Foreign-born residents account for 3.5% of the population in North Mankato, MN, and this percentage has decreased by 7.9% 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 | 87.3% | -3.3% |
% Black | 1.9% | -53.7% |
% Hispanic | 4.8% | 77.8% |
% Asian | 1.8% | 50.0% |
% Foreign Born | 3.5% | -7.9% |
Mortgage and Risk — North Mankato, MN
According to HUD data as of 2023, there were 237 mortgage originations in North Mankato, MN, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in North Mankato, MN. Investor activity is low, as 9.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 237 |
% Conventional Loans | 85.0% |
% Government Loans | 15.0% |
% Investor Loans | 9.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — North Mankato, MN
North Mankato, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 271 |
Total Units Section 8 | 198 |
% Rentals under Section 8 | 12.9% |
% Occupied Section 8 | 76.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $840 |
| 2 Bedroom | $25 | $995 | $1,020 |
| 3 Bedroom | -$1,170 | $2,600 | $1,430 |
| 4 Bedroom | $330 | $1,380 | $1,710 |
Affordability — North Mankato, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $314,000 |
| Median Household Income | $80,600 |