New Ulm, MN housing market
The typical New Ulm home is worth about $255,000, up 6.9% in a year, 27% below the Minnesota typical home. Homes typically sell in 27 days, close to asking.
Home values, sales, trends and how New Ulm compares with the towns next door — updated as new data is published.
New Ulm at a glance
A strong seller's market
Homes are selling faster than new ones are listed: less than two months of supply. Well-priced homes can draw several offers.
Typical home value, 2016–2026
Show as a table
| January | New Ulm | Minnesota |
|---|---|---|
| 2017 | $147,000 | $217,000 |
| 2018 | $154,000 | $232,000 |
| 2019 | $160,000 | $246,000 |
| 2020 | $169,000 | $259,000 |
| 2021 | $179,000 | $282,000 |
| 2022 | $199,000 | $313,000 |
| 2023 | $210,000 | $325,000 |
| 2024 | $215,000 | $331,000 |
| 2025 | $229,000 | $341,000 |
| 2026 | $248,000 | $349,000 |
| August 2026 | $255,000 | $351,000 |
20 new homes permitted in 2025
Builders were permitted 20 new homes in New Ulm in 2025: 14 single-family houses and 6 in buildings with two or more homes, worth about $6.6 million to build. That's 1.4 per 1,000 residents, slower than across Minnesota (3.8). Over the past 10 years, New Ulm has permitted 257 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, New Ulm gained 598 residents while 369 new homes were permitted: about 1.6 new residents per new home. Building and growth moved roughly in step. Across Minnesota: 2.2 new residents per new home.
How New Ulm ranks on housing keeping up with growth →
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) | 120 | 9 | 111 | $24.3 million |
| 2025 | 20 | 14 | 6 | $6.6 million |
| 2024 | 20 | 12 | 8 | $4.8 million |
| 2023 | 10 | 10 | 0 | $3.5 million |
| 2022 | 15 | 15 | 0 | $3.2 million |
| 2021 | 16 | 16 | 0 | $3.6 million |
| 2020 | 27 | 19 | 8 | $5 million |
| 2019 | 32 | 24 | 8 | $6.4 million |
| 2018 | 34 | 28 | 6 | $6.6 million |
| 2017 | 64 | 21 | 43 | $10.5 million |
| 2016 | 19 | 19 | 0 | $3.8 million |
| 2015 | 19 | 19 | 0 | $4 million |
| 2014 | 73 | 29 | 44 | $9.3 million |
| 2013 | 92 | 20 | 72 | $10.2 million |
| 2012 | 12 | 12 | 0 | $2.6 million |
| 2011 | 16 | 16 | 0 | $2.8 million |
| 2010 | 8 | 8 | 0 | $1.3 million |
| 2009 | 16 | 16 | 0 | $2.5 million |
| 2008 | 21 | 19 | 2 | $3.6 million |
| 2007 | 26 | 24 | 2 | $4.1 million |
| 2006 | 36 | 36 | 0 | $6.5 million |
| 2005 | 36 | 36 | 0 | $6.1 million |
| 2004 | 83 | 34 | 49 | $7.8 million |
| 2003 | 141 | 27 | 114 | $11.2 million |
| 2002 | 52 | 18 | 34 | $5.7 million |
| 2001 | 31 | 27 | 4 | $4.9 million |
| 2000 | 16 | 16 | 0 | $1.9 million |
How New Ulm ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
New Ulm and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| New Ulm | $255K | +6.9% | $1,060 | 20 | $64,449 |
| Milford | — | +3.1%† | $1,060 | — | $87,083 |
| Courtland | $338K | +5.9% | $1,140 | — | $88,333 |
| Cottonwood | — | +1.8%† | $1,070 | — | $84,219 |
| Lafayette | $261K | +6.9% | $1,060 | — | $116,250 |
† FHFA price index change, where Zillow has no home value for the town.
3.9 years of income
The typical New Ulm home costs about 3.9 years of the town's median household income, about the same as across Minnesota (3.9).
How New Ulm ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,060
HUD's Fair Market Rent for a two-bedroom in New Ulm is $1,060 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in New Ulm pay a median of $962, so moving in tends to cost more than staying put. A two-bedroom takes about 20% of the town's median household income.
Studio $870 · 4 bedrooms $1,780
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (56073; Mankato, MN MSA), 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, August 2026. 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.