Wells, MN 56097 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Wells, MN—56097

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$182,000

9.4% YoY Growth

Household Income

$63,600

23.1% YoY Growth

Days on Market

34.0% Shorter YoY

Home Price Forecast

N/A

Median Rent

$700

22.0% YoY Growth

1-Bed Rent

$749

N/A

2-Bed Rent

$700

24.6% YoY Growth

3-Bed Rent

N/A

Home Price Trends — Wells, MN

Wells, MN lacks sufficient home price data for analysis.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$182,000	9.4%
Single Family	$182,000	9.6%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed	N/A	N/A

Rental Trends — Wells, MN

As of July '25, Rentcast reports the average rent in Wells, MN is $724, with a year-over-year rent change of -22.0%. Per bedroom, the median rent as of July '25 in Wells, MN is 1-bedrooms: $749, 2-bedrooms: $700. The most common rental property sizes in Wells, MN are 1-bedroom and 2-bedroom, accounting for 40.2% and 24.4% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$700	$724
Studio Rent	N/A	N/A
1 Bed Rent	$749	$749
2 Bed Rent	$700	$700
3 Bed Rent	N/A	N/A
4 Bed Rent	N/A	N/A

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% of Rental Stock

1 Bedroom

40.2%

2 Bedrooms

24.4%

3 Bedrooms

19.5%

4 Bedrooms

10.1%

5+ Bedrooms

5.8%

Property Listings — Wells, MN

As of Dec '25, Realtor.com reports that the median days on market for a home in Wells, MN is 65. This is a decrease of -46.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$160,000	-21.0%
Listing Count	12	-18.0%
Listings as % of Homes	0.9%	-18.0%
Days on Market	91	-34.0%

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Demographics — Wells, MN

As of the latest ACS Survey released in 2023, Wells, MN has a population of 3,590, which has decreased by -3.4% over the past 5 years. Wells, MN is a moderately popular place for families, as children make up 22.2% of the population. The area has a poorly educated workforce, with 20.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.4% reporting working from home.

Metric	Latest Census	YoY % Change
Population	3,590	-3.4%
% Under 18	22.2%	-17.8%
% Seniors	23.5%	15.2%
% WFH	9.4%	-16.1%
% w/ College Degree	20.3%	14.7%

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As of the latest ACS Survey released in 2023, Wells, MN is a predominantly white area, with 92.4% of the population identifying as white. The white population has grown by 5.0% in the last 5 years. The second most common race or ethnicity in Wells, MN is hispanic, making up 4.0% of the population. Foreign-born residents account for 0.8% of the population in Wells, MN, and this percentage has decreased by 80.0% 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	92.4%	5.0%
% Black	0.8%	300.0%
% Hispanic	4.0%	-48.1%
% Asian	0.5%	-50.0%
% Foreign Born	0.8%	-80.0%

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Mortgage and Risk — Wells, MN

According to HUD data as of 2023, there were 46 mortgage originations in Wells, MN, of which 70.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 39.0% above 90% LTV (very high). This implies large mortgage risk in Wells, MN. Investor activity is low, as 13.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	46
% Conventional Loans	70.0%
% Government Loans	30.0%
% Investor Loans	13.0%
% Second Loans	0.0%
% Cash Out Refinance	13.0%

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Rentals and Section 8 — Wells, MN

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

Section 8 Market Size

Total Units under HUD	55
Total Units Section 8	55
% Rentals under Section 8	N/A
% Occupied Section 8	70.5%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$9	$749	$740
2 Bedroom	$230	$700	$930
3 Bedroom	N/A	N/A	$1,300
4 Bedroom	N/A	N/A	$1,320

Wells, MN—56097

Key Metrics at a Glance

Home Price Trends — Wells, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Wells, MN

% of Rental Stock

Property Listings — Wells, MN

Demographics — Wells, MN

Race and Ethnicity

Mortgage and Risk — Wells, MN

Mortgages

Rentals and Section 8 — Wells, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Wells, MN

Home Price to Income Ratio

Wells, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Freeborn

Minnesota Lake, MN

Alden, MN

Hartland, MN

New Richland, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.4
Median Home Price	$182,000
Median Household Income	$63,600

Wells, MN—56097

Key Metrics at a Glance

Home Price Trends — Wells, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Wells, MN

% of Rental Stock

Property Listings — Wells, MN

Demographics — Wells, MN

Race and Ethnicity

Mortgage and Risk — Wells, MN

Mortgages

Rentals and Section 8 — Wells, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Wells, MN

Home Price to Income Ratio

Wells, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Freeborn

Minnesota Lake, MN

Alden, MN

Hartland, MN

New Richland, MN

Frequently Asked Questions

What is the average home price in Wells, MN 56097?

How have home prices in Wells, MN 56097 changed over the past year?

What is the home price projection for Wells, MN 56097?

What are the demographics of Wells, MN 56097?

How long does it take homes to sell in Wells, MN 56097?

What is the average rent price in Wells, MN 56097?