Elko New Market is a city in Scott County, Minnesota, United States. It was founded in 2006 through a merging of bordering cities Elko and New Market. The population was 4,846 at the 2020 census. Served by Interstate 35 and Scott County Road 2, the city contains one public school, and is notable as the location of Elko Speedway. The New Market Hotel and Store is listed on the National Register of Historic Places. The city contains a marker for the Big Woods of south–central Minnesota.