The story of this market
The typical home in ZIP 55054 sells for about $437,000, or $183 per square foot.
Prices are up +2.1% from a year ago, so sellers still have some momentum. Homes take about 48 days to sell. HUD's fair market rent for a two-bedroom is $2,200 a month.
ZIP 55054 — Elko New Market
The 55054 housing market shows steady demand driven by family buyers, with a median price of $437,000. While price growth has moderated, the area remains a popular choice for commuters due to its suburban character and access to the Twin Cities. Inventory remains tight, supporting stable sale-to-list ratios.
This ZIP is well-suited for family buyers seeking suburban space and a quieter lifestyle while maintaining access to the Twin Cities employment core.
Median prices moved up 2.1% year over year.
Homes spend a median of 48 days on market with 3.2 months of supply — a fast-moving market.
12% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 0.0% · poverty 1.8% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.7%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 55054, Scott County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in Elko New Market are generally low, consistent with the suburban and semi-rural character of Scott County.
Schools serving the area are primarily part of the Lakeville Area Schools and New Prague Area Schools, which generally maintain strong academic performance ratings.
The area faces standard Midwestern climate risks, including severe thunderstorms and winter weather; flood risk is localized to specific low-lying areas near wetlands.
Economic momentum is driven by its proximity to the southern Twin Cities metro area, with residential development continuing to expand in the Elko New Market corridor.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
Commuters primarily rely on I-35 to reach employment hubs in the Twin Cities, with a mean travel time to work of approximately 29 minutes.
The area features access to local parks, regional trails, and proximity to outdoor recreation in the Minnesota River Valley.
The rental market is characterized by low vacancy pressure and steady demand, with limited multi-family inventory compared to single-family rentals.
The local economy is largely residential, with residents commuting to the broader Minneapolis-St. Paul metro area for employment in healthcare, retail, and professional services.
The area is served by I-35, providing the primary transit corridor for commuters heading north to the Twin Cities.
Development is focused on residential expansion and infrastructure improvements to support the growing population in Elko New Market.
Scott County Assessor manages property valuations based on market value assessments conducted annually.
Parcels are subject to school district levies and municipal utility assessments.
Property insurance premiums are influenced by regional weather patterns, including wind and hail risk common in Minnesota.
Data retrieved from Census Reporter and ACS 2024 profiles.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Local community park serving the residential area.
Regional short-track racing venue located nearby.
Key-figure check: median price corroborated by the published ten-year series (2025) (within 12.5%).