Mankato, MN Housing Market
AI-powered market intelligence for the Mankato, MN metro area.
PropertyIQ Scores
Mankato, MN Market Analysis
Market Overview
Mankato’s PropertyIQ Score of 74 out of 100 positions it as a moderately strong market. The score reflects a 12-month home value momentum of 7.99%, a median days on market of 47 days, and a 15.0% share of listings with a price cut. However, the 3-month home value momentum is -0.82%, and the listed home value year-over-year figure is $1, indicating short-term price movement has cooled or flattened. The median home value is $311,714, which is $44,352 below the state average of $356,066, giving Mankato a more affordable entry point than the state overall.
Mankato’s rent index is $1,206, only $29 below the state average of $1,235. The unemployment rate of 2.9% is well below the state average of 4.4%, while median household income is $74,722, or $12,834 below the state average of $87,556. Population growth is not available in the provided data. Together, these figures describe a solid but not overheated market supported by employment and relative affordability but tempered by cooling short-term momentum.
Key Trends
The clearest trend is a divergence between longer-term and shorter-term home value movement. The 12-month momentum of 7.99% is a top score driver, but the 3-month momentum of -0.82% and the $1 year-over-year change point to a market that has shifted from appreciation toward flat or slightly negative recent pricing.
Inventory and seller behavior also stand out. With 304 homes for sale, a median days on market of 47 days, and a 15.0% price-cut share, Mankato is balanced rather than strongly seller-favored. The 47-day pace is moderate, and the price-cut share is contained but signals some seller adjustment.
Affordability is another key trend. The median home value of $311,714 is $44,352 below the state average, while median household income is $12,834 below the state average. The housing discount is larger than the income gap, which may support local buyers. Meanwhile, the rent index of $1,206 is nearly at the state average of $1,235, making rents comparatively strong relative to lower home prices.
Finally, the labor market is a strength. The unemployment rate of 2.9% is 1.5 percentage points below the state average of 4.4%, which can support housing demand and rent stability.
Who Is This Market For
Mankato is likely best suited to first-time buyers and workforce households looking for a lower median home value than the state average. At $311,714, the median home value is well below the state average of $356,066, though local incomes are also lower at $74,722. Buyers should weigh the lower price point against local income levels.
The market may also appeal to long-term rental investors. The rent index of $1,206 is close to the state average of $1,235, while the median home value is significantly below the state average. That combination can support a more favorable rent-to-price relationship. Investors should note the -0.82% 3-month momentum and 15.0% price-cut share, which suggest limited short-term appreciation.
Move-up buyers and sellers may find workable conditions. With 304 homes for sale and a median days on market of 47 days, there is enough activity to support moves, but sellers should price realistically given the cooling short-term momentum.
Outlook
The data points to a stabilizing or slightly cooling near-term market. The 12-month home value momentum of 7.99% shows meaningful recent appreciation, but the 3-month momentum of -0.82% and the $1 year-over-year figure indicate flat to slightly negative recent price movement. Median days on market of 47 days and a 15.0% price-cut share suggest a balanced market without sharp distress. The 2.9% unemployment rate and lower median home value relative to the state should provide underlying support, though missing population growth data leaves some uncertainty about longer-term demand. Overall, the numbers support a moderate, employment-backed market with limited short-term price upside.
AI-generated analysis based on current market data. Last updated August 23, 2026.
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Mankato, MN market data
Mankato, MN Housing Market Overview
Mankato, MN's median home value is $312K, up 8.0% over the past year. Homes here sell in a median 47 days. Its PropertyIQ Score of 74 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
PropertyIQ tracks the Mankato, MN housing market through two complementary lenses: price momentum from Zillow home-value trends over 3 and 12 months, and demand pressure from how quickly homes sell and how often sellers cut prices, drawn from Realtor.com. The PropertyIQ Score distills these into one number that predicts how this MN market is set to perform against its state benchmark.
Midwestern housing markets are characterized by affordability and economic diversification. From manufacturing hubs undergoing tech-sector transitions to university towns with stable demand, the region offers value-oriented opportunities with lower entry costs than coastal markets. Within the Midwest, Mankato, MN's PropertyIQ Score of 74 ranks among the Midwest's stronger demand signals.
Each month, PropertyIQ updates its score for Mankato, MN using four inputs: Zillow ZHVI twelve-month and three-month momentum, Realtor.com median days on market, and the Realtor.com share of listings with price cuts. These four signals are combined into a single 1 to 99 score computed across all metro markets and calibrated so 50 represents the state average, making it a direct read of how this market is positioned to perform relative to its state. Momentum here has been positive, with home values up 8.0% over the past year.
Explore the interactive map to see how Mankato, MN compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the Mankato, MN metro area
ZIP codes in the Mankato, MN metro area
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Market data through July 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Mankato, MN a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Mankato, MN currently scores 74, a rising-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $312K, up 8.0% over the past year. So whether Mankato, MN is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Mankato, MN?
Mankato, MN's PropertyIQ Score is 74, indicating rising momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 74 places Mankato, MN above its state benchmark.
Are home prices in Mankato, MN rising or falling?
Home prices in Mankato, MN are rising. Over the past year, the median home value increased 8.0%, reaching $312K. Over the latest three months, values slipped 0.8%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Mankato, MN's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Mankato, MN?
In Mankato, MN, homes sell in a median of 47 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 15% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Mankato, MN market data is refreshed on a monthly cycle, with the latest figures current through July 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.