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Featured local agent — Elko New Market, MN
Sarah Mitchell
Compass Real Estate · Elko New Market, MN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Elko New Market, MN Housing Market & Real Estate
Housing market overview · Updated monthly ·
$482,000median sale price
How is the Elko New Market, MN housing market right now?
The median home sale price in Elko New Market, MN is $482,000, up 8.0% year-over-year. Homes sell in an average of 52 days with 37 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Elko New Market a buyer's or seller's market?
Elko New Market, MN is currently a balanced market, based on 2.2 months of supply and homes selling in about 52 days. How we determine this →
Homes sold
17
Last 12 weeks
Days on market
52
Average pace
Active listings
37
2.2 months supply
Sale-to-list
99.3%
Below asking
What does the Elko New Market housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $482,000 |
| Median list price | $472,990 |
| Year-over-year price change | +8.0% |
| Average days on market | 52 days |
| Active inventory | 37 listings |
| Months of supply | 2.2 months |
| Sale-to-list price ratio | 99.3% |
| Median price per sq ft | $193/sq ft |
| Homes sold (latest month) | 17 |
| New listings (latest month) | 22 |
| Listings with a price cut | 46.0% |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
How much do homes cost in Elko New Market by property type?
How the Elko New Market, MN market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $490,950 | $195/sq ft | 16 | 62 days |
| Townhouse | $283,000 | $169/sq ft | 1 | 19 days |
Source: Redfin · Updated monthly
The Elko New Market housing market is currently classified as a balanced market with a median sale price of $482,000. Prices have risen 8.0% compared to last year, with homes spending an average of 52 days on market, indicating 2.2 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 3.3x provides context for how home values compare to local earning capacity.
Homes for sale in Elko New Market
There are currently 37 homes listed for sale in Elko New Market, Minnesota. The median listing price is $473K.
Active listings
37
Homes on market
Median list price
$473K
Avg. days on market
52
Days until sale
New this week
22
Newly listed
Who lives in Elko New Market?
Population
4,915
Median income
$147,381/yr
Median age
33.9 years
Owner-occupied
94.2%
College grads
40.4%
Avg commute
27.6 min
Source: U.S. Census Bureau ACS
What are homes worth in Elko New Market?
Zillow home value
$481,248
Price-to-income
3.3x
Source: Zillow Research
What is it like to live in Elko New Market?
Elko New Market is a community of approximately 5K residents with a median age of 33.9 years.The median household income is $147,381, which reflects a relatively affluent area with strong earning potential. 40.4% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 94.2%, reflecting strong community stability and long-term resident commitment. The average commute time is 27.6 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Elko New Market offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Elko New Market?
1 schools tracked · 551 students
The largest public schools serving Elko New Market, MN by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
EAGLE VIEW
Grades K-5 · 551 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Elko New Market, MN?
Want a head-to-head view? Compare Elko New Market side-by-side with any other U.S. city using our market-comparison tool.
Frequently asked questions
What is the average home price in Elko New Market?
The median home sale price in Elko New Market is $482,000, up 8.0% from last year.
How long do homes stay on market in Elko New Market?
Homes typically spend 52 days on market before going under contract.
What is the median income in Elko New Market?
The median household income is $147,381 per year.
Is Elko New Market a buyer's or seller's market?
With 2.2 months of supply, Elko New Market is currently a balanced market.
What is the Zillow home value estimate for Elko New Market?
The Zillow Home Value Index (ZHVI) for Elko New Market is $481,248, representing the typical home value in the area.
How much does a single-family home cost in Elko New Market?
The median single-family home price in Elko New Market, MN is $490,950 (about $195 per square foot).
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