New Prague, MN—56071
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Prague, MN
As of Oct '25, the median home price in New Prague, MN is $415,000, with a year-over-year change of 3.6%. This indicates that home prices in New Prague, MN are increasing. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $415,000 | 3.6% |
| Single Family | $418,000 | 3.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $282,000 | 2.5% |
3 Bed | $378,000 | 3.8% |
4 Bed | $459,000 | 3.8% |
| 5 Bed | $506,000 | 2.8% |
% of Housing Stock
Rental Trends — New Prague, MN
As of July '25, Rentcast reports the average rent in New Prague, MN is $1,510, with a year-over-year rent change of 4.9%. Per bedroom, the median rent as of July '25 in New Prague, MN is studios: $1,400, 2-bedrooms: $1,430, 3-bedrooms: $1,950. The most common rental property sizes in New Prague, MN are 2-bedroom and 1-bedroom, accounting for 40.9% and 38.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,510 |
| Studio Rent | $1,400 | $1,400 |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,400 | $1,430 |
| 3 Bed Rent | $1,950 | $1,950 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — New Prague, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in New Prague, MN is 26. This is a decrease of -20.0% 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 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $459,000 | 3.0% |
Listing Count | 48 | 24.0% |
| Listings as % of Homes | 0.2% | 24.0% |
Days on Market | 26 | -20.0% |
Demographics — New Prague, MN
As of the latest ACS Survey released in 2023, New Prague, MN has a population of 13,000, which has increased by 2.1% over the past 5 years. New Prague, MN is a popular place for families, as children make up 29.1% of the population. The area has a moderately educated workforce, with 33.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,000 | 2.1% |
% Under 18 | 29.1% | 8.6% |
% Seniors | 14.6% | 10.6% |
% WFH | 12.1% | 163.0% |
% w/ College Degree | 33.1% | 4.7% |
As of the latest ACS Survey released in 2023, New Prague, MN is a predominantly white area, with 94.5% of the population identifying as white. The white population has grown by 1.5% in the last 5 years. The second most common race or ethnicity in New Prague, MN is hispanic, making up 1.4% of the population. Foreign-born residents account for 1.8% of the population in New Prague, MN, and this percentage has increased by 12.5% 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 | 94.5% | 1.5% |
% Black | 0.0% | N/A |
% Hispanic | 1.4% | -57.6% |
% Asian | 1.3% | 30.0% |
% Foreign Born | 1.8% | 12.5% |
Mortgage and Risk — New Prague, MN
According to HUD data as of 2023, there were 360 mortgage originations in New Prague, MN, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in New Prague, MN. Investor activity is low, as 1.0% 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 | 360 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — New Prague, MN
New Prague, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 88 |
Total Units Section 8 | 88 |
% Rentals under Section 8 | 12.4% |
% Occupied Section 8 | 93.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,200 |
| 2 Bedroom | $60 | $1,400 | $1,460 |
| 3 Bedroom | $20 | $1,950 | $1,970 |
| 4 Bedroom | N/A | N/A | $2,240 |
Affordability — New Prague, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $415,000 |
| Median Household Income | $110,000 |