North Mankato, MN 56003 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

North Mankato, MN—56003

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$311,000

6.4% YoY Growth

Household Income

$80,600

23.3% YoY Growth

Days on Market

12.0% Longer YoY

Home Price Forecast

2.0%

Median Rent

$1,380

37.2% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$995

2.1% YoY Growth

3-Bed Rent

$2,600

30.0% YoY Growth

Home Price Trends — North Mankato, MN

As of Dec '25, the median home price in North Mankato, MN is $311,000, with a year-over-year change of 6.4%. This indicates that home prices in North Mankato, MN are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$311,000	6.4%
Single Family	$312,000	6.5%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

5.4%

1 Bedroom

28.5%

2 Bedrooms

49.7%

3 Bedrooms

14.1%

4 Bedrooms

1.7%

5+ Bedrooms

0.7%

Property Listings — North Mankato, MN

As of Dec '25, Realtor.com reports that the median days on market for a home in North Mankato, MN is 61. This is a increase of 14.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$379,000	-5.0%
Listing Count	42	-7.0%
Listings as % of Homes	0.4%	-7.0%
Days on Market	83	12.0%

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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%

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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%

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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%

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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

North Mankato, MN—56003

Key Metrics at a Glance

Home Price Trends — North Mankato, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — North Mankato, MN

% of Rental Stock

Property Listings — North Mankato, MN

Demographics — North Mankato, MN

Race and Ethnicity

Mortgage and Risk — North Mankato, MN

Mortgages

Rentals and Section 8 — North Mankato, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — North Mankato, MN

Home Price to Income Ratio

North Mankato, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Mankato, MN

Kasota, MN

Saint Peter, MN

Nicollet, MN

Lake Crystal, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.4
Median Home Price	$311,000
Median Household Income	$80,600

North Mankato, MN—56003

Key Metrics at a Glance

Home Price Trends — North Mankato, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — North Mankato, MN

% of Rental Stock

Property Listings — North Mankato, MN

Demographics — North Mankato, MN

Race and Ethnicity

Mortgage and Risk — North Mankato, MN

Mortgages

Rentals and Section 8 — North Mankato, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — North Mankato, MN

Home Price to Income Ratio

North Mankato, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Mankato, MN

Kasota, MN

Saint Peter, MN

Nicollet, MN

Lake Crystal, MN

Frequently Asked Questions

What is the average home price in North Mankato, MN 56003?

How have home prices in North Mankato, MN 56003 changed over the past year?

What is the home price projection for North Mankato, MN 56003?

What are the demographics of North Mankato, MN 56003?

How long does it take homes to sell in North Mankato, MN 56003?

What is the average rent price in North Mankato, MN 56003?