Mankato Real Estate
One of the reasons people decide to move to, or settle in the Midwest is the low cost of living, and lower median home prices than most of the rest of the country. This is also true in Mankato, where you get a lot of real estate for your money.
The median home price in Mankato, in 2008, was $159,250, which puts home ownership within the sights of many buyers in all price ranges. Most of the new single family home construction in Mankato also falls within this price range, between $150,000 and $225,000. Condominiums and townhomes are also very affordable in the Mankato area, with the majority of new condos and townhouses priced less than $150,000.
Median home prices are quite reasonable in the area, and Mankato is also continuing to grow. It is expected that the area will add around 1500 new homes in the next five years, in addition to renovations and sales of existing homes.
Central Mankato is the most historic part of the city, and runs from north of Highway 14 at Third Avenue south to West High School, and from the river to the top of the hill. The area is divided into four main sections:
- Lincoln Park—Lincoln Park is home to the famous Betsy-Tacy series of books about growing up in Mankato. The area features winding streets, and a close-knit community with smaller lots. Homes are charming and reasonably priced, with a few classic homes interspersed throughout the neighborhood.
- Downtown—Mankato’s downtown area is still mostly commercial, although the tides are turning, and the city is looking to develop the downtown area for residential use.
- Tourtellotte Park—Tourtellotte Park is home to a park and pool, as well as many gorgeous homes and bungalows.
- Third Avenue—Third Avenue is a collection of small neighborhoods, including older less expensive neighborhoods, and Stonehenge, a newer more affluent area which is home to as many horses as humans.
The Hilltop Neighborhood of Mankato is built mostly east of the city, basically on top of the hill. It includes the areas around Minnesota State University, Bethany Lutheran College, and Rasmussen College. The area includes commercial areas, like the Madison Avenue commercial area, along with residential neighborhoods.
Homes in the Hilltop neighborhood sell anywhere from just under $100,000 to over half a million dollars. The majority of the homes are new, and well-suited to the buyer looking for a home in the $300,000 range.
West Mankato itself is divided into two sections. The first is located west of Stolzman Road and south of Highway 169, and features some of the grandest older homes in Mankato. Residents in this neighborhood take great pride in their homes, and they are a tightly knit community.
The other half of this neighborhood, north of Riverfront Drive, adjoins Sibley Park, another historic area of the city. The rail lines go through this part of town, and the city of Mankato has it slated for refurbishment, which should raise home values in the area significantly.
As the name implies, the Skyline neighborhood of Mankato is situated atop a hill, and is basically a city in itself, although it is connected to Mankato city services such as water and sewer. Homes in this neighborhood are neat and clean, and feature amazing views. Home prices in the Skyline neighborhood are in the average price range, although you will pay more for a home with a spectacular view.
Finding the right realtor can be the most difficult part of the housing search, but it doesn’t have to be. One of the first places to look for a realtor is among your friends. Ask around and find out who the movers and shakers are in the real estate world. It can also be useful to drive around and look at yard signs to find out who is selling homes in the area you want to relocate to. The city of Mankato also offers resources for finding a realtor.
No matter who you choose to help you find a home in Mankato, you’re sure to find one that suits your price range, in a neighborhood you love in the city of Mankato.