New Ulm, MN—56073
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — New Ulm, MN
As of Oct '25, the median home price in New Ulm, MN is $242,000, with a year-over-year change of 7.9%. This indicates that home prices in New Ulm, MN are increasing. According to Zillow, the 1-year price projection is 2.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $242,000 | 7.9% |
| Single Family | $242,000 | 9.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $145,000 | 10.7% |
2 Bed | $202,000 | 11.0% |
3 Bed | $229,000 | 9.0% |
4 Bed | $290,000 | 7.0% |
| 5 Bed | $375,000 | 6.2% |
% of Housing Stock
Rental Trends — New Ulm, MN
As of July '25, Rentcast reports the average rent in New Ulm, MN is $1,010, with a year-over-year rent change of -1.0%. Per bedroom, the median rent as of July '25 in New Ulm, MN is 1-bedrooms: $918, 2-bedrooms: $1,160, 3-bedrooms: $1,250. The most common rental property sizes in New Ulm, MN are 2-bedroom and 1-bedroom, accounting for 43.4% and 26.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,020 | $1,010 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $900 | $918 |
| 2 Bed Rent | $1,200 | $1,160 |
| 3 Bed Rent | $1,250 | $1,250 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — New Ulm, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in New Ulm, MN is 48. This is a increase of 42.0% 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 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $263,000 | 9.0% |
Listing Count | 42 | -15.0% |
| Listings as % of Homes | 0.3% | -15.0% |
Days on Market | 48 | 42.0% |
Demographics — New Ulm, MN
As of the latest ACS Survey released in 2023, New Ulm, MN has a population of 17,300, which has increased by 4.5% over the past 5 years. New Ulm, MN is a moderately popular place for families, as children make up 21.7% of the population. The area has a moderately educated workforce, with 26.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,300 | 4.5% |
% Under 18 | 21.7% | 6.9% |
% Seniors | 21.1% | 5.5% |
% WFH | 7.4% | 12.1% |
% w/ College Degree | 26.6% | 14.2% |
As of the latest ACS Survey released in 2023, New Ulm, MN is a predominantly white area, with 93.6% of the population identifying as white. The white population has remained stable in the last 5 years. The second most common race or ethnicity in New Ulm, MN is hispanic, making up 3.5% of the population. Foreign-born residents account for 2.3% of the population in New Ulm, MN, and this percentage has increased by 21.1% 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 | 93.6% | 0.0% |
% Black | 0.6% | -45.5% |
% Hispanic | 3.5% | -2.8% |
% Asian | 0.8% | 14.3% |
% Foreign Born | 2.3% | 21.1% |
Mortgage and Risk — New Ulm, MN
According to HUD data as of 2023, there were 313 mortgage originations in New Ulm, MN, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in New Ulm, 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 | 313 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — New Ulm, MN
New Ulm, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 271 |
Total Units Section 8 | 205 |
% Rentals under Section 8 | 13.3% |
% Occupied Section 8 | 73.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$80 | $900 | $820 |
| 2 Bedroom | -$180 | $1,200 | $1,020 |
| 3 Bedroom | $150 | $1,250 | $1,400 |
| 4 Bedroom | N/A | N/A | $1,710 |
Affordability — New Ulm, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $242,000 |
| Median Household Income | $69,700 |