Pelican Rapids, MN—56572
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Pelican Rapids, MN
As of Oct '25, the median home price in Pelican Rapids, MN is $379,000, with a year-over-year change of 2.7%. This indicates that home prices in Pelican Rapids, MN are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $379,000 | 2.7% |
| Single Family | $379,000 | 2.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $348,000 | 0.9% |
3 Bed | $445,000 | 0.9% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Pelican Rapids, MN
As of July '25, Rentcast reports the average rent in Pelican Rapids, MN is $1,520, with a year-over-year rent change of 69.1%. Per bedroom, the median rent as of July '25 in Pelican Rapids, MN is 1-bedrooms: $1,500, 3-bedrooms: $1,300. The most common rental property sizes in Pelican Rapids, MN are 2-bedroom and 1-bedroom, accounting for 41.3% and 33.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,520 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,500 | $1,500 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,300 | $1,300 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Pelican Rapids, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Pelican Rapids, MN is 79. This is a increase of 39.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $595,000 | 6.0% |
Listing Count | 40 | 23.0% |
| Listings as % of Homes | 0.4% | 23.0% |
Days on Market | 79 | 39.0% |
Demographics — Pelican Rapids, MN
As of the latest ACS Survey released in 2023, Pelican Rapids, MN has a population of 5,900, which has increased by 11.1% over the past 5 years. Pelican Rapids, MN is a moderately popular place for families, as children make up 18.7% of the population. The area has a moderately educated workforce, with 28.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,900 | 11.1% |
% Under 18 | 18.7% | -17.6% |
% Seniors | 25.9% | 34.2% |
% WFH | 12.5% | 166.0% |
% w/ College Degree | 28.5% | 16.8% |
As of the latest ACS Survey released in 2023, Pelican Rapids, MN is a predominantly white area, with 78.1% of the population identifying as white. The white population has grown by 4.7% in the last 5 years. The second most common race or ethnicity in Pelican Rapids, MN is hispanic, making up 13.1% of the population. Foreign-born residents account for 9.2% of the population in Pelican Rapids, MN, and this percentage has decreased by 30.3% 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 | 78.1% | 4.7% |
% Black | 4.1% | -19.6% |
% Hispanic | 13.1% | -12.7% |
% Asian | 0.4% | -87.9% |
% Foreign Born | 9.2% | -30.3% |
Mortgage and Risk — Pelican Rapids, MN
According to HUD data as of 2023, there were 119 mortgage originations in Pelican Rapids, MN, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Pelican Rapids, MN. Investor activity is low, as 3.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 119 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 3.0% |
% Second Loans | 33.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Pelican Rapids, MN
Pelican Rapids, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 96 |
Total Units Section 8 | 93 |
% Rentals under Section 8 | 20.3% |
% Occupied Section 8 | 86.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$790 | $1,500 | $710 |
| 2 Bedroom | N/A | N/A | $930 |
| 3 Bedroom | -$10 | $1,300 | $1,290 |
| 4 Bedroom | N/A | N/A | $1,390 |
Affordability — Pelican Rapids, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $379,000 |
| Median Household Income | $83,600 |