Merrifield, MN—56465
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Merrifield, MN
As of Oct '25, the median home price in Merrifield, MN is $434,000, with a year-over-year change of 1.0%. This indicates that home prices in Merrifield, MN are flat. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $434,000 | 1.0% |
| Single Family | $435,000 | 0.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $362,000 | 0.8% |
3 Bed | $462,000 | 0.0% |
4 Bed | $590,000 | 1.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Merrifield, MN
Merrifield, MN lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Merrifield, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Merrifield, MN is 65. This is a decrease of -12.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $462,000 | 8.0% |
Listing Count | 20 | 13.0% |
| Listings as % of Homes | 0.3% | 13.0% |
Days on Market | 65 | -12.0% |
Demographics — Merrifield, MN
As of the latest ACS Survey released in 2023, Merrifield, MN has a population of 2,310, which has increased by 17.1% over the past 5 years. Merrifield, MN is a moderately popular place for families, as children make up 15.7% of the population. The area has a moderately educated workforce, with 31.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,310 | 17.1% |
% Under 18 | 15.7% | -1.9% |
% Seniors | 26.2% | -9.0% |
% WFH | 16.5% | 157.8% |
% w/ College Degree | 31.7% | 51.0% |
As of the latest ACS Survey released in 2023, Merrifield, MN is a predominantly white area, with 92.5% of the population identifying as white. The white population has shrunk by 6.8% in the last 5 years. The second most common race or ethnicity in Merrifield, MN is hispanic, making up 2.9% of the population. Foreign-born residents account for 2.1% of the population in Merrifield, MN, and this percentage has increased by 425.0% 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 | 92.5% | -6.8% |
% Black | 2.0% | 900.0% |
% Hispanic | 2.9% | 1,350.0% |
% Asian | 0.0% | N/A |
% Foreign Born | 2.1% | 425.0% |
Mortgage and Risk — Merrifield, MN
According to HUD data as of 2023, there were 54 mortgage originations in Merrifield, MN, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 7.0% above 90% LTV (normal). This implies small mortgage risk in Merrifield, MN. Investor activity is low, as 0.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 54 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 0.0% |
% Second Loans | 22.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Merrifield, MN
Merrifield, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $800 |
| 2 Bedroom | N/A | N/A | $1,030 |
| 3 Bedroom | N/A | N/A | $1,260 |
| 4 Bedroom | N/A | N/A | $1,500 |
Affordability — Merrifield, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.8 |
| Median Home Price | $434,000 |
| Median Household Income | $70,400 |