Detroit Lakes, MN—56501
Real Estate Data & Market Trends
Key Metrics at a Glance
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 | $358,000 | 2.9% |
| Single Family | $362,000 | 2.5% |
| Condos | $264,000 | 5.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $232,000 | 1.8% |
2 Bed | $309,000 | 3.7% |
3 Bed | $371,000 | 3.1% |
4 Bed | $448,000 | 2.5% |
| 5 Bed | $588,000 | 1.9% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Detroit Lakes, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Detroit Lakes, MN is 67. This is a increase of 10.0% 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 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $430,000 | -8.0% |
Listing Count | 139 | 12.0% |
| Listings as % of Homes | 0.5% | 12.0% |
Days on Market | 67 | 10.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Detroit Lakes, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $358,000 |
| Median Household Income | $69,000 |