Fairmont, MN 56031 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Fairmont, MN—56031

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$191,000

5.8% YoY Growth

Household Income

$61,400

19.7% YoY Growth

Days on Market

78

7.0% Longer YoY

Home Price Forecast

N/A

Median Rent

$825

13.7% YoY Growth

1-Bed Rent

$775

15.8% YoY Growth

2-Bed Rent

$825

15.7% YoY Growth

3-Bed Rent

$1,150

23.1% YoY Growth

Home Price Trends — Fairmont, MN

Fairmont, MN lacks sufficient home price data for analysis.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$191,000	5.8%
Single Family	$191,000	5.5%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed	$85,000	3.7%

Rental Trends — Fairmont, MN

As of July '25, Rentcast reports the average rent in Fairmont, MN is $889, with a year-over-year rent change of 13.7%. Per bedroom, the median rent as of July '25 in Fairmont, MN is 1-bedrooms: $753, 2-bedrooms: $824, 3-bedrooms: $1,130. The most common rental property sizes in Fairmont, MN are 2-bedroom and 1-bedroom, accounting for 44.3% and 28.3% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$825	$889
Studio Rent	N/A	N/A
1 Bed Rent	$775	$753
2 Bed Rent	$825	$824
3 Bed Rent	$1,150	$1,130
4 Bed Rent	N/A	N/A

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% of Rental Stock

Studio

7.7%

1 Bedroom

28.3%

2 Bedrooms

44.3%

3 Bedrooms

12.2%

4 Bedrooms

3.5%

5+ Bedrooms

3.9%

Property Listings — Fairmont, MN

As of Dec '25, Realtor.com reports that the median days on market for a home in Fairmont, MN is 53. This is a decrease of -13.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$237,000	-1.0%
Listing Count	54	33.0%
Listings as % of Homes	0.3%	33.0%
Days on Market	78	7.0%

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Demographics — Fairmont, MN

As of the latest ACS Survey released in 2023, Fairmont, MN has a population of 11,800, which has remained stable by -0.4% over the past 5 years. Fairmont, MN is a moderately popular place for families, as children make up 21.4% of the population. The area has a moderately educated workforce, with 26.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.3% reporting working from home.

Metric	Latest Census	YoY % Change
Population	11,800	-0.4%
% Under 18	21.4%	1.9%
% Seniors	24.4%	5.2%
% WFH	7.3%	9.0%
% w/ College Degree	26.2%	15.4%

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As of the latest ACS Survey released in 2023, Fairmont, MN is a predominantly white area, with 87.0% of the population identifying as white. The white population has shrunk by 4.9% in the last 5 years. The second most common race or ethnicity in Fairmont, MN is hispanic, making up 8.1% of the population. Foreign-born residents account for 3.2% of the population in Fairmont, MN, and this percentage has increased by 190.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	87.0%	-4.9%
% Black	0.9%	350.0%
% Hispanic	8.1%	35.0%
% Asian	0.8%	60.0%
% Foreign Born	3.2%	190.9%

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Mortgage and Risk — Fairmont, MN

According to HUD data as of 2023, there were 151 mortgage originations in Fairmont, MN, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Fairmont, MN. Investor activity is low, as 5.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	151
% Conventional Loans	85.0%
% Government Loans	15.0%
% Investor Loans	5.0%
% Second Loans	5.0%
% Cash Out Refinance	9.0%

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Rentals and Section 8 — Fairmont, MN

Fairmont, MN lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	319
Total Units Section 8	194
% Rentals under Section 8	N/A
% Occupied Section 8	78.6%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$65	$775	$710
2 Bedroom	$105	$825	$930
3 Bedroom	$80	$1,150	$1,230
4 Bedroom	N/A	N/A	$1,240

Fairmont, MN—56031

Key Metrics at a Glance

Home Price Trends — Fairmont, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Fairmont, MN

% of Rental Stock

Property Listings — Fairmont, MN

Demographics — Fairmont, MN

Race and Ethnicity

Mortgage and Risk — Fairmont, MN

Mortgages

Rentals and Section 8 — Fairmont, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Fairmont, MN

Home Price to Income Ratio

Fairmont, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Northrop

Granada, MN

Welcome, MN

Ceylon, MN

Truman, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.8
Median Home Price	$191,000
Median Household Income	$61,400

Fairmont, MN—56031

Key Metrics at a Glance

Home Price Trends — Fairmont, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Fairmont, MN

% of Rental Stock

Property Listings — Fairmont, MN

Demographics — Fairmont, MN

Race and Ethnicity

Mortgage and Risk — Fairmont, MN

Mortgages

Rentals and Section 8 — Fairmont, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Fairmont, MN

Home Price to Income Ratio

Fairmont, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Northrop

Granada, MN

Welcome, MN

Ceylon, MN

Truman, MN

Frequently Asked Questions

What is the average home price in Fairmont, MN 56031?

How have home prices in Fairmont, MN 56031 changed over the past year?

What is the home price projection for Fairmont, MN 56031?

What are the demographics of Fairmont, MN 56031?

How long does it take homes to sell in Fairmont, MN 56031?

What is the average rent price in Fairmont, MN 56031?