Wells, MN—56097
Real Estate Data & Market Trends
Key Metrics at a Glance
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 | $183,000 | 9.1% |
| Single Family | $183,000 | 8.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $130,000 | 4.8% |
3 Bed | $178,000 | 9.9% |
4 Bed | $237,000 | 11.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Wells, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Wells, MN is 50. This is a decrease of -25.0% 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 | $180,000 | -9.0% |
Listing Count | 16 | -31.0% |
| Listings as % of Homes | 0.9% | -31.0% |
Days on Market | 50 | -25.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Wells, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $183,000 |
| Median Household Income | $63,600 |