Albert Lea, MN 56007 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Albert Lea, MN—56007

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$173,000

1.6% YoY Growth

Household Income

$66,500

36.3% YoY Growth

Days on Market

26.0% Longer YoY

Home Price Forecast

2.7%

Median Rent

$850

6.5% YoY Growth

1-Bed Rent

$700

5.9% YoY Growth

2-Bed Rent

$850

27.3% YoY Growth

3-Bed Rent

$1,250

18.7% YoY Growth

Home Price Trends — Albert Lea, MN

As of Dec '25, the median home price in Albert Lea, MN is $173,000, with a year-over-year change of 1.6%. This indicates that home prices in Albert Lea, MN are increasing. According to Zillow, the 1-year price projection is 2.7%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$173,000	1.6%
Single Family	$173,000	2.4%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Albert Lea, MN

As of July '25, Rentcast reports the average rent in Albert Lea, MN is $972, with a year-over-year rent change of -6.5%. Per bedroom, the median rent as of July '25 in Albert Lea, MN is studios: $625, 1-bedrooms: $750, 2-bedrooms: $901, 3-bedrooms: $1,270, 4-bedrooms: $1,800. The most common rental property sizes in Albert Lea, MN are 2-bedroom and 1-bedroom, accounting for 48.5% and 27.7% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$850	$972
Studio Rent	$625	$625
1 Bed Rent	$700	$750
2 Bed Rent	$850	$901
3 Bed Rent	$1,250	$1,270
4 Bed Rent	$1,800	$1,800

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% of Rental Stock

Studio

4.6%

1 Bedroom

27.7%

2 Bedrooms

48.5%

3 Bedrooms

14.2%

4 Bedrooms

4.4%

5+ Bedrooms

0.6%

Property Listings — Albert Lea, MN

As of Dec '25, Realtor.com reports that the median days on market for a home in Albert Lea, MN is 76. This is a increase of 17.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 27.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$219,000	-1.0%
Listing Count	87	12.0%
Listings as % of Homes	0.5%	12.0%
Days on Market	71	26.0%

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Demographics — Albert Lea, MN

As of the latest ACS Survey released in 2023, Albert Lea, MN has a population of 21,500, which has increased by 1.4% over the past 5 years. Albert Lea, MN is a moderately popular place for families, as children make up 22.0% of the population. The area has a poorly educated workforce, with 18.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.0% reporting working from home.

Metric	Latest Census	YoY % Change
Population	21,500	1.4%
% Under 18	22.0%	1.4%
% Seniors	24.3%	6.1%
% WFH	8.0%	247.8%
% w/ College Degree	18.1%	6.5%

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As of the latest ACS Survey released in 2023, Albert Lea, MN is a predominantly white area, with 78.7% of the population identifying as white. The white population has shrunk by 4.1% in the last 5 years. The second most common race or ethnicity in Albert Lea, MN is hispanic, making up 13.5% of the population. Foreign-born residents account for 4.3% of the population in Albert Lea, MN, and this percentage has decreased by 34.8% 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	78.7%	-4.1%
% Black	1.7%	-5.6%
% Hispanic	13.5%	8.0%
% Asian	3.5%	52.2%
% Foreign Born	4.3%	-34.8%

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Mortgage and Risk — Albert Lea, MN

According to HUD data as of 2023, there were 318 mortgage originations in Albert Lea, MN, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Albert Lea, MN. Investor activity is low, as 4.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	318
% Conventional Loans	74.0%
% Government Loans	26.0%
% Investor Loans	4.0%
% Second Loans	1.0%
% Cash Out Refinance	11.0%

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Rentals and Section 8 — Albert Lea, MN

Albert Lea, MN lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	620
Total Units Section 8	422
% Rentals under Section 8	N/A
% Occupied Section 8	83.9%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$10	$700	$710
2 Bedroom	$80	$850	$930
3 Bedroom	-$50	$1,250	$1,200
4 Bedroom	-$450	$1,800	$1,350

Albert Lea, MN—56007

Key Metrics at a Glance

Home Price Trends — Albert Lea, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Albert Lea, MN

% of Rental Stock

Property Listings — Albert Lea, MN

Demographics — Albert Lea, MN

Race and Ethnicity

Mortgage and Risk — Albert Lea, MN

Mortgages

Rentals and Section 8 — Albert Lea, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Albert Lea, MN

Home Price to Income Ratio

Albert Lea, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Hayward, MN

Clarks Grove, MN

Glenville, MN

Hollandale, MN

Twin Lakes, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.3
Median Home Price	$173,000
Median Household Income	$66,500

Albert Lea, MN—56007

Key Metrics at a Glance

Home Price Trends — Albert Lea, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Albert Lea, MN

% of Rental Stock

Property Listings — Albert Lea, MN

Demographics — Albert Lea, MN

Race and Ethnicity

Mortgage and Risk — Albert Lea, MN

Mortgages

Rentals and Section 8 — Albert Lea, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Albert Lea, MN

Home Price to Income Ratio

Albert Lea, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Hayward, MN

Clarks Grove, MN

Glenville, MN

Hollandale, MN

Twin Lakes, MN

Frequently Asked Questions

What is the average home price in Albert Lea, MN 56007?

How have home prices in Albert Lea, MN 56007 changed over the past year?

What is the home price projection for Albert Lea, MN 56007?

What are the demographics of Albert Lea, MN 56007?

How long does it take homes to sell in Albert Lea, MN 56007?

What is the average rent price in Albert Lea, MN 56007?