Fairmont, MN—56031
Real Estate Data & Market Trends
Key Metrics at a Glance
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 | $192,000 | 5.4% |
| Single Family | $192,000 | 6.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $86,000 | 3.6% |
2 Bed | $127,000 | 5.8% |
3 Bed | $191,000 | 6.1% |
4 Bed | $273,000 | 5.8% |
| 5 Bed | $345,000 | 6.8% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Fairmont, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Fairmont, MN is 32. This is a decrease of -21.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $221,000 | -7.0% |
Listing Count | 58 | 20.0% |
| Listings as % of Homes | 0.3% | 20.0% |
Days on Market | 32 | -21.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Fairmont, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $192,000 |
| Median Household Income | $61,400 |