Elko New Market, MN

Elko New Market, Minnesota Real Estate

Elko became a city in 1949 and in the year 2007 merged with New Market now to be known as Elko New Market. The city is a very older ring suburb just south of Lakeville Minnesota. Many of the residents choose Elko because the community is a little bit more of a small town feel and you get more bang for your dollar when purchasing a home. You can stay in the Lakeville school district but get the benefits of living a little bit farther out. Located right off of County Road two and Highway 35, you are about 30 minutes from downtown Minneapolis. This is a reasonable commute for a lot of people because it doesn't take a long time to get onto the highway.

As of 2013 Elko's population was 4390 and the total area is 3.3 mi.². There is all types of construction in Elko so it's easy to find any type of home you would like. This area is very appealing to buyers because there is still plenty of new construction going on and you can custom build a home. There are many pre-existing homes as well. Most are single-family homes with a mix of some townhomes. There's also acreage properties available so if you have horses or you're looking for space for any hobby, those properties are available as well.

 I really like Elko New Market is a real estate agent because of the value in the homes. You have the Lakeville school district as the support but you don't have the Lakeville real estate prices. If I have a home buyer looking in Lakeville but is getting priced out of the traditional two stories, I will show them Elko as an alternative. This is worked really well for a lot of my clients because of the cost savings. It's only an additional five minutes south of Lakeville so the commute to downtown doesn't change all that much.

Use the interactive real estate sales graphs below for real-time statistics on the City of Elko New Market. (All updated maps are based on every property in the city including single-family homes, townhomes and condos. For more specific information about a neighborhood, price range or style of home, contact Tom Sommers 952-994-7204.)

Median sales price in Elko New Market

Average days on market over last three years in Elko New Market

Average months’ supply of homes for sale in Elko New Market (This is also referred to as the absorption rate. Meaning, if no other homes came on the market from this day forward it would take this number of months for all the homes to sell. 0 to 3 months is a seller's market, 4 to 6 months is an average market and 6+ months of inventory is typically a buyer’s market)

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Today's Market Trends for Elko New Market, MN *

$465,510

-0.05%

$174

0.04%

24

0.26%

April

March

 

19

18

 

 

0.06%

0%

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* All data pertains to single-family homes