Faribault, MN—55021
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Faribault, MN
As of Oct '25, the median home price in Faribault, MN is $296,000, with a year-over-year change of 5.2%. This indicates that home prices in Faribault, MN are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $296,000 | 5.2% |
| Single Family | $298,000 | 5.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $312,000 | 6.1% |
2 Bed | $265,000 | 6.0% |
3 Bed | $291,000 | 5.1% |
4 Bed | $354,000 | 5.0% |
| 5 Bed | $415,000 | 4.0% |
% of Housing Stock
Rental Trends — Faribault, MN
As of July '25, Rentcast reports the average rent in Faribault, MN is $1,340, with a year-over-year rent change of -11.3%. Per bedroom, the median rent as of July '25 in Faribault, MN is 1-bedrooms: $1,070, 2-bedrooms: $1,250, 3-bedrooms: $2,550. The most common rental property sizes in Faribault, MN are 2-bedroom and 1-bedroom, accounting for 41.3% and 26.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,150 | $1,340 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,050 | $1,070 |
| 2 Bed Rent | $1,200 | $1,250 |
| 3 Bed Rent | $1,600 | $2,550 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Faribault, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Faribault, MN is 46. This is a increase of 4.0% 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 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $356,000 | -8.0% |
Listing Count | 118 | 22.0% |
| Listings as % of Homes | 0.5% | 22.0% |
Days on Market | 46 | 4.0% |
Demographics — Faribault, MN
As of the latest ACS Survey released in 2023, Faribault, MN has a population of 30,900, which has increased by 2.7% over the past 5 years. Faribault, MN is a moderately popular place for families, as children make up 22.6% of the population. The area has a poorly educated workforce, with 20.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,900 | 2.7% |
% Under 18 | 22.6% | 2.3% |
% Seniors | 17.9% | 9.8% |
% WFH | 7.2% | 132.3% |
% w/ College Degree | 20.2% | 5.2% |
As of the latest ACS Survey released in 2023, Faribault, MN is a predominantly white area, with 71.4% of the population identifying as white. The white population has shrunk by 6.7% in the last 5 years. The second most common race or ethnicity in Faribault, MN is black, making up 12.7% of the population. Foreign-born residents account for 11.3% of the population in Faribault, MN, and this percentage has increased by 2.7% 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 | 71.4% | -6.7% |
% Black | 12.7% | 29.6% |
% Hispanic | 12.3% | 23.0% |
% Asian | 1.2% | -40.0% |
% Foreign Born | 11.3% | 2.7% |
Mortgage and Risk — Faribault, MN
According to HUD data as of 2023, there were 467 mortgage originations in Faribault, MN, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Faribault, MN. Investor activity is low, as 2.0% 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 | 467 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Faribault, MN
Faribault, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 549 |
Total Units Section 8 | 549 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 72.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$130 | $1,050 | $920 |
| 2 Bedroom | $10 | $1,200 | $1,210 |
| 3 Bedroom | $10 | $1,600 | $1,610 |
| 4 Bedroom | N/A | N/A | $1,990 |
Affordability — Faribault, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $296,000 |
| Median Household Income | $70,300 |