Lester Prairie, MN—55354
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lester Prairie, MN
As of Oct '25, the median home price in Lester Prairie, MN is $312,000, with a year-over-year change of 3.3%. This indicates that home prices in Lester Prairie, MN are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $312,000 | 3.3% |
| Single Family | $312,000 | 3.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $244,000 | 5.2% |
3 Bed | $299,000 | 3.8% |
4 Bed | $339,000 | 2.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lester Prairie, MN
As of July '25, Rentcast reports the average rent in Lester Prairie, MN is $2,350, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Lester Prairie, MN is 4-bedrooms: $2,350. The most common rental property sizes in Lester Prairie, MN are 2-bedroom and 3-bedroom, accounting for 60.7% and 18.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,350 | $2,350 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | $2,350 | $2,350 |
% of Rental Stock
Property Listings — Lester Prairie, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Lester Prairie, MN is 67. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $415,000 | 13.0% |
Listing Count | 11 | 14.0% |
| Listings as % of Homes | 0.5% | 14.0% |
Days on Market | 67 | 1.0% |
Demographics — Lester Prairie, MN
As of the latest ACS Survey released in 2023, Lester Prairie, MN has a population of 3,090, which has increased by 11.0% over the past 5 years. Lester Prairie, MN is a popular place for families, as children make up 27.3% of the population. The area has a poorly educated workforce, with 17.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,090 | 11.0% |
% Under 18 | 27.3% | -13.1% |
% Seniors | 13.3% | 0.8% |
% WFH | 9.1% | 139.5% |
% w/ College Degree | 17.7% | 7.3% |
As of the latest ACS Survey released in 2023, Lester Prairie, MN is a predominantly white area, with 86.3% of the population identifying as white. The white population has grown by 0.1% in the last 5 years. The second most common race or ethnicity in Lester Prairie, MN is hispanic, making up 10.5% of the population. Foreign-born residents account for 3.2% of the population in Lester Prairie, MN, and this percentage has decreased by 33.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 86.3% | 0.1% |
% Black | 0.2% | 0.0% |
% Hispanic | 10.5% | -11.8% |
% Asian | 0.3% | 200.0% |
% Foreign Born | 3.2% | -33.3% |
Mortgage and Risk — Lester Prairie, MN
According to HUD data as of 2023, there were 84 mortgage originations in Lester Prairie, MN, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Lester Prairie, MN. Investor activity is low, as 0.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 84 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Lester Prairie, MN
Lester Prairie, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 3 |
Total Units Section 8 | 3 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $760 |
| 2 Bedroom | N/A | N/A | $930 |
| 3 Bedroom | N/A | N/A | $1,200 |
| 4 Bedroom | -$770 | $2,350 | $1,580 |
Affordability — Lester Prairie, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $312,000 |
| Median Household Income | $95,000 |