Detroit Lakes, MN 56501 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Detroit Lakes, MN—56501

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$369,000

3.2% YoY Growth

Household Income

$69,000

14.8% YoY Growth

Days on Market

0.0% Longer YoY

Home Price Forecast

N/A

Median Rent

$1,050

32.2% YoY Growth

1-Bed Rent

$1,000

31.3% YoY Growth

2-Bed Rent

$1,220

17.9% YoY Growth

3-Bed Rent

$2,000

60.0% YoY Growth

Home Price Trends — Detroit Lakes, MN

Detroit Lakes, MN lacks sufficient home price data for analysis.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$369,000	3.2%
Single Family	$373,000	3.0%
Condos	$271,000	6.3%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed	$235,000	2.2%

Rental Trends — Detroit Lakes, MN

As of July '25, Rentcast reports the average rent in Detroit Lakes, MN is $1,220, with a year-over-year rent change of 32.2%. Per bedroom, the median rent as of July '25 in Detroit Lakes, MN is 1-bedrooms: $922, 2-bedrooms: $1,250, 3-bedrooms: $2,000. The most common rental property sizes in Detroit Lakes, MN are 2-bedroom and 1-bedroom, accounting for 49.5% and 25.1% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,050	$1,220
Studio Rent	N/A	N/A
1 Bed Rent	$1,000	$922
2 Bed Rent	$1,220	$1,250
3 Bed Rent	$2,000	$2,000
4 Bed Rent	N/A	N/A

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% of Rental Stock

Studio

3.4%

1 Bedroom

25.1%

2 Bedrooms

49.5%

3 Bedrooms

17.0%

4 Bedrooms

3.9%

5+ Bedrooms

1.1%

Property Listings — Detroit Lakes, MN

As of May '26, Realtor.com reports that the median days on market for a home in Detroit Lakes, MN is 44. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time 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	$494,000	0.0%
Listing Count	147	9.0%
Listings as % of Homes	0.5%	9.0%
Days on Market	44	0.0%

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Demographics — Detroit Lakes, MN

As of the latest ACS Survey released in 2023, Detroit Lakes, MN has a population of 18,200, which has increased by 5.3% over the past 5 years. Detroit Lakes, MN is a moderately popular place for families, as children make up 21.5% of the population. The area has a moderately educated workforce, with 31.7% 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	18,200	5.3%
% Under 18	21.5%	-0.5%
% Seniors	23.7%	11.8%
% WFH	9.4%	28.8%
% w/ College Degree	31.7%	8.9%

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As of the latest ACS Survey released in 2023, Detroit Lakes, MN is a predominantly white area, with 90.7% of the population identifying as white. The white population has grown by 1.5% in the last 5 years. The second most common race or ethnicity in Detroit Lakes, MN is hispanic, making up 0.9% of the population. Foreign-born residents account for 1.3% of the population in Detroit Lakes, MN, and this percentage has decreased by 43.5% 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	90.7%	1.5%
% Black	0.4%	-55.6%
% Hispanic	0.9%	-47.1%
% Asian	0.6%	-40.0%
% Foreign Born	1.3%	-43.5%

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Mortgage and Risk — Detroit Lakes, MN

According to HUD data as of 2023, there were 326 mortgage originations in Detroit Lakes, MN, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Detroit Lakes, MN. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	326
% Conventional Loans	87.0%
% Government Loans	13.0%
% Investor Loans	3.0%
% Second Loans	11.0%
% Cash Out Refinance	10.0%

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Rentals and Section 8 — Detroit Lakes, MN

Detroit Lakes, MN lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	452
Total Units Section 8	348
% Rentals under Section 8	N/A
% Occupied Section 8	79.7%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$220	$1,000	$780
2 Bedroom	-$200	$1,220	$1,020
3 Bedroom	-$630	$2,000	$1,370
4 Bedroom	N/A	N/A	$1,480

Detroit Lakes, MN—56501

Key Metrics at a Glance

Home Price Trends — Detroit Lakes, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Detroit Lakes, MN

% of Rental Stock

Property Listings — Detroit Lakes, MN

Demographics — Detroit Lakes, MN

Race and Ethnicity

Mortgage and Risk — Detroit Lakes, MN

Mortgages

Rentals and Section 8 — Detroit Lakes, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Detroit Lakes, MN

Home Price to Income Ratio

Detroit Lakes, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Vergas, MN

Town Lake Estates, MN

Lake Park, MN

Dent, MN

Perham, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4.8
Median Home Price	$369,000
Median Household Income	$69,000

Detroit Lakes, MN—56501

Key Metrics at a Glance

Home Price Trends — Detroit Lakes, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Detroit Lakes, MN

% of Rental Stock

Property Listings — Detroit Lakes, MN

Demographics — Detroit Lakes, MN

Race and Ethnicity

Mortgage and Risk — Detroit Lakes, MN

Mortgages

Rentals and Section 8 — Detroit Lakes, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Detroit Lakes, MN

Home Price to Income Ratio

Detroit Lakes, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Vergas, MN

Town Lake Estates, MN

Lake Park, MN

Dent, MN

Perham, MN

Frequently Asked Questions

What is the average home price in Detroit Lakes, MN 56501?

How have home prices in Detroit Lakes, MN 56501 changed over the past year?

What is the home price projection for Detroit Lakes, MN 56501?

What are the demographics of Detroit Lakes, MN 56501?

How long does it take homes to sell in Detroit Lakes, MN 56501?

What is the average rent price in Detroit Lakes, MN 56501?