The story of this market
The typical home in ZIP 55371 sells for about $325,000, or $185 per square foot.
Prices are up +2.5% from a year ago, so sellers still have some momentum. Homes take about 68 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $975 a month.
ZIP 55371 — New Prague
The Princeton housing market shows steady demand with a median price of $325,000, reflecting a modest year-over-year increase. Inventory remains tight, which continues to support pricing despite broader economic headwinds. Buyers are active, though the market is sensitive to interest rate fluctuations.
This ZIP is ideal for families and individuals seeking a balance between small-town community living and access to the Twin Cities metro. It attracts buyers looking for more land and housing value than is available in the inner suburbs.
Median prices moved up 2.5% year over year.
Homes spend a median of 68 days on market with 4.2 months of supply — a balanced-paced 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 2.5% · poverty 6.4% — 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 7.1%/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 5.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 55371, Minnesota
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 Princeton are generally lower than the national average, with property crime being the most frequently reported incident type. The area is considered safe relative to larger urban centers in the Minneapolis-St. Paul metro region.
The area is served by Princeton Public Schools, which maintains a solid reputation for academic performance and community engagement. Schools in the district are generally well-regarded for their student-to-teacher ratios and extracurricular offerings.
The region faces standard Midwestern climate risks, including severe thunderstorms and winter weather events. Flood risk is primarily concentrated near the Rum River, and property insurance premiums are stable but reflect regional weather-related loss trends.
Princeton serves as a growing regional hub with a mix of manufacturing, healthcare, and retail employers. Development momentum is supported by its position as a gateway to the northern lakes region and ongoing infrastructure improvements along Highway 169.
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.
Commuting to the Minneapolis-St. Paul employment core typically involves a 45-60 minute drive via Highway 169. Public transit options are limited, making personal vehicle ownership essential for most residents.
The area features extensive outdoor amenities, including the Rum River for fishing and kayaking, several local parks, and proximity to regional golf courses. Shopping and dining are concentrated in the downtown Princeton area and along the Highway 169 corridor.
The rental market is characterized by steady demand from local workers and families, with limited new multi-family inventory. Vacancy rates remain low, and short-term rental activity is minimal compared to more tourist-heavy regions.
The local economy is anchored by manufacturing, healthcare services, and retail trade. It serves as a commercial center for the surrounding agricultural and residential communities.
Transportation is heavily reliant on the Highway 169 corridor, which connects the city to the broader regional highway network. There is no significant public transit infrastructure serving the area.
Development is focused on residential expansion on the city's periphery and commercial revitalization in the downtown district. Recent planning efforts prioritize infrastructure upgrades to support population growth.
Parcels are subject to Princeton Public School District levies and county-specific tax assessments. No major MUD or PID districts are prevalent in this established area.
Property insurance remains stable, though premiums are sensitive to regional storm and wind damage risks common in central Minnesota.
Data retrieved from Census Reporter and United States Zip Codes 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.
A major natural feature providing opportunities for fishing, boating, and scenic recreation.
A local 18-hole course serving the community and surrounding area.
A central community park offering trails and picnic areas along the river.
Key-figure check: median price corroborated by the prior refresh cycle (within 12.5%).