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Featured local agent — Nelson, MN
Sarah Mitchell
Compass Real Estate · Nelson, MN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Nelson, MN Housing Market
The last median sale price Redfin published was $209,900 (through May 2026). With 1.0 months of supply and homes going under contract in about 53 days, Nelson is a balanced market. At today's 7.03% 30-year fixed rate, 20% down on a $209,900 home is about $1,121/mo in principal and interest.
Key numbers for Nelson, MN
Median sale price
$209,900
Last published period
Redfin, through June 2024
Days on market
53
Average pace
Redfin, through June 2024
Active listings
1
1.0 months of supply
Redfin, through June 2024
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$52,708
Home costs 4.0x income
U.S. Census ACS, 2023
Sale-to-list ratio
95.8%
Selling below asking
Redfin, through June 2024
Zillow figures refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Nelson a buyer's or seller's market?
Nelson, MN is a balanced market, based on 1.0 months of supply and homes selling in about 53 days. Under 2 months of supply is a severe shortage: expect competition on almost anything priced correctly, and little room to negotiate below asking.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Nelson housing market data show?
Every row below is Redfin's final published month for Nelson, MN. Redfin, through June 2024
| Metric | Value |
|---|---|
| Median sale price | $209,900 |
| Median price per sq ft | $110/sq ft |
| Median days on market | 53 days |
| Active inventory | 1 listings |
| Months of supply | 1.0 months |
| Sale-to-list price ratio | 95.8% |
| Homes sold (that month) | 1 |
| Market condition | Balanced market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Nelson is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Nelson is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Nelson home prices moved?
Across the 6 months we hold for Nelson, MN, the median sale price fell 35.4%, from $325,000 in May 2021 to $209,900. For prices to fall meaningfully from here, supply would have to keep building past 1.0 months while the sale-to-list ratio slips below its current 95.8%. Watch those two together — they move before the median does.
Redfin, through June 2024 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Nelson?
Priced off the median sale price of $209,900 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $41,980 | $167,920 | $1,121/mo |
| 5% | $10,495 | $199,405 | $1,331/mo |
Redfin, through June 2024 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $1,121, that implies roughly $48,024 a year before you add taxes and insurance. The median household in Nelson earns $52,708, about $4,684 more than that threshold — the typical local household clears the payment on a typical local home with 20% down. That puts the price-to-income ratio at 4.0x — above the historical 3x norm but in line with much of the country in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Nelson in the next 12 months?
Tell us your timeline. We send the Nelson market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Nelson?
Zillow does not publish a rent index (ZORI) for Nelson, MN, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Nelson?
We hold fewer than two months of inventory readings for Nelson, MN, so there is no trend to report yet. The most recent count we have is 1 active listings (Redfin, through May 2026).
How does Nelson compare to Minnesota and the U.S.?
Nelson homes sell for $209,900 — 44% below the Minnesota median of $372,300. Against the national median of $410,700, Nelson runs 49% lower.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Nelson, MN | $209,900 | not published | 53 days |
| Minnesota statewide | $372,300 | +1.3% | 25 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through June 2024 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Nelson
What buyers should watch
- Months of supply, currently 1.0. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The gap between 5% and 20% down here is $210 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $209,900 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Nelson listing goes under contract in 53 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 95.8% of asking. Price to that ratio from day one rather than chasing the market down in cuts.
- Comparable ZIP-level pricing inside Nelson varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Nelson
There are currently 1 homes listed for sale in Nelson, Minnesota.
Active listings
1
Homes on market
Avg. days on market
53
Days until sale
Who lives in Nelson?
American Community Survey estimates for Nelson. U.S. Census ACS, 2023
Population
113
Households
65
Median income
$52,708/yr
Median age
47.8 years
Owner-occupied
50.8%
Median home value
$156,700
Median gross rent
$917/mo
Mean commute
28.9 min
50.8% of occupied homes in Nelson are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market.
Which cities are near Nelson, MN?
Ordered by distance from Nelson, not by size. Compare Nelson side by side with any of them.
Nelson housing market FAQ
Is Nelson a buyer's or seller's market?
Nelson, MN is currently a balanced market. That read comes from 1.0 months of supply, homes going under contract in about 53 days, and sellers getting 95.8% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Nelson?
The median sale price in the last month Redfin published was $209,900, about $110 per square foot.
Is Nelson cheaper than the rest of Minnesota?
Nelson's median sale price of $209,900 is 44% lower than the Minnesota statewide median of $372,300, and 49% below the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Nelson?
Homes in Nelson, MN spent a median of 53 days on market before going under contract, versus 25 days statewide. That is a normal pace: enough time to see a home twice, not enough to wait a month. (Redfin, through May 2026.)
What income do you need to buy a home in Nelson?
At the current 30-year fixed rate of 7.03%, 20% down on a $209,900 home is about $1,121 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $48,024 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $52,708.
Are home prices rising in Nelson?
We do not hold a complete 12-month value series for Nelson, MN yet, so we are not going to call a direction. The price chart above shows every period we do have.
What are the cheapest ZIP codes in Nelson?
Nelson ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Nelson?
That depends on your timeline, not on a headline. What the data says today: Nelson, MN is a balanced market with 1.0 months of supply, the 30-year fixed rate is 7.03%. Properties Incorporated publishes the data; it does not give financial advice.
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One email: what homes are actually clearing at around $209,900, how long they sit, which ZIPs run cheaper, and what to fix on your credit before you apply.