The story of this market
The typical home in ZIP 55940 sells for about $245,900, or $135 per square foot.
Prices are up +2.5% from a year ago, so sellers still have some momentum. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $995 a month.
ZIP 55940 — Hayfield
The housing market in 55940 is currently balanced, characterized by steady demand and limited inventory. Prices remain relatively affordable compared to regional averages, driven by the area's rural nature and proximity to Rochester. Most figures are sourced from 2024 ACS data and local market reports.
This ZIP is best suited for families and individuals seeking an affordable, quiet, small-town lifestyle with a manageable commute to larger regional employment centers.
Median prices moved up 2.5% year over year.
Homes spend a median of 45 days on market with 3.2 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 99.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.5% · poverty 10.5% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.1%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 55940, Dodge County MN
The area is served by Hayfield Public Schools, which generally maintains a stable reputation within the regional rural context.
The region is subject to standard Midwestern weather risks, including severe thunderstorms and occasional winter storm impacts; flood risk is generally low but varies by specific parcel proximity to local waterways.
Economic momentum is driven by local agricultural support services and proximity to the Rochester employment hub, with limited new large-scale commercial development.
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.
Commuting is primarily car-dependent, with residents typically driving to nearby employment centers like Rochester via regional highway corridors.
Local amenities include small community parks and access to rural outdoor recreation, with more extensive shopping and entertainment options located in nearby larger cities.
The rental market is characterized by limited inventory, primarily consisting of single-family homes and small multi-family units, with stable demand from local workers.
The economy is anchored by agriculture, local government, and small-scale retail, with many residents commuting to Rochester for healthcare and technology sector employment.
Transportation is almost exclusively private vehicle-based, relying on state and county highways for regional connectivity.
Development is primarily focused on small-scale residential infill and maintenance of existing infrastructure.
Dodge County Assessor manages property valuations based on annual market analysis and state-mandated assessment cycles.
Parcels are subject to standard school district and county-level levies, with no significant MUD or PID presence reported.
Property insurance premiums are influenced by regional weather patterns, with standard coverage available through major national and regional carriers.
Data retrieved from ZipCodeDex and Census Bureau ZCTA profiles.
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.
Local community park providing green space and recreational facilities.
Hosts regional events and community gatherings.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.