The story of this market
The typical home in ZIP 56003 sells for about $379,900, or $155 per square foot.
Prices are up +10.16% from a year ago, so sellers still have some momentum. Homes take about 89 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,637 a month.
ZIP 56003 — North Mankato
The 56003 housing market is characterized by low inventory and steady demand, leading to a year-over-year price increase of over 10%. While sales volume remains moderate, the market is supported by a strong local economy anchored in education and healthcare. Buyers should note the limited supply, which continues to exert upward pressure on prices.
This ZIP is well-suited for families and professionals seeking a stable, established community with good access to local employment hubs and educational institutions.
Median prices moved up 10.2% year over year.
Homes spend a median of 89 days on market with 0.2 months of supply — a fast-moving market.
0% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.6% · poverty 4.4% — a stable, low-distress profile.
ZCTA 56003, Nicollet County MN
The area is served by the Mankato Area Public Schools district, which maintains a stable reputation within the region.
The local economy is anchored by education and healthcare sectors, with steady development momentum in the Mankato metro area.
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.
Residents typically face a short commute, with a mean travel time of approximately 15.1 minutes to employment centers in the Mankato area.
The area features access to local parks and trails within the Mankato and North Mankato vicinity, providing outdoor recreation and proximity to regional shopping districts.
The rental market shows moderate pressure with a median rent of $1,637; vacancy rates remain relatively low, reflecting steady demand.
The economy is heavily driven by the education and healthcare sectors, which account for over 30% of local employment.
The area is served by regional highway corridors connecting to the broader Mankato metro infrastructure.
Nicollet County Assessor manages property valuations for tax purposes.
Parcels are subject to local school district levies and county-wide special service districts.
Data retrieved from Census Reporter and SimpleMaps 2024 ACS datasets.
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. Source: NCES EDGE public school locations 2023-24.
Provides extensive trail systems and green space for residents.
Includes various retail centers serving the greater Mankato area.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.