Elgin, MN housing market
The median sale price was $250,000 in May 2026.
Home values, sales, trends and how Elgin compares with the towns next door — updated as new data is published.
Elgin at a glance
Only 4 sales in May 2026: in a market this size, monthly medians swing a lot, so the typical value above is the steadier guide.
5 new homes permitted in 2025
Builders were permitted 5 new homes in Elgin in 2025, all single-family houses, worth about $1.9 million to build. That's 4.5 per 1,000 residents, about the pace of Minnesota as a whole. Over the past 10 years, Elgin has permitted 34 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Elgin gained 26 residents while 13 new homes were permitted: about 2 new residents per new home. Building and growth moved roughly in step. Across Minnesota: 2.2 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 2 | 2 | 0 | $591,000 |
| 2025 | 5 | 5 | 0 | $1.9 million |
| 2024 | 4 | 4 | 0 | $875,000 |
| 2023 | 1 | 1 | 0 | $113,000 |
| 2022 | 1 | 1 | 0 | $234,000 |
| 2021 | 5 | 5 | 0 | $937,000 |
| 2020 | 10 | 10 | 0 | $1.9 million |
| 2019 | 2 | 2 | 0 | $391,000 |
| 2018 | 2 | 2 | 0 | $408,000 |
| 2017 | 3 | 3 | 0 | $617,000 |
| 2016 | 1 | 1 | 0 | $185,000 |
| 2015 | 1 | 1 | 0 | $185,000 |
| 2014 | 2 | 2 | 0 | $365,000 |
| 2013 | 1 | 1 | 0 | $227,000 |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 0 | 0 | 0 | — |
| 2010 | 1 | 1 | 0 | $200,000 |
| 2009 | 0 | 0 | 0 | — |
| 2008 | 0 | 0 | 0 | — |
| 2007 | 4 | 4 | 0 | $913,000 |
| 2006 | 6 | 6 | 0 | $912,000 |
| 2005 | 10 | 10 | 0 | $1.6 million |
| 2004 | 19 | 19 | 0 | $3.1 million |
| 2003 | 26 | 22 | 4 | $2.7 million |
| 2002 | 11 | 11 | 0 | $1.2 million |
| 2001 | 8 | 8 | 0 | $874,000 |
| 2000 | 9 | 9 | 0 | $981,000 |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
2.5 years of income
The typical Elgin home costs about 2.5 years of the town's median household income, less than across Minnesota (3.9 years).
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,210
HUD's Fair Market Rent for a two-bedroom in Elgin is $1,210 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Elgin pay a median of $727, so moving in tends to cost more than staying put. A two-bedroom takes about 16% of the town's median household income.
Studio $900 · 4 bedrooms $2,030
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (55932; Rochester, MN HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.