Lake Park, MN 56554 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Lake Park, MN—56554

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$396,000

2.5% YoY Growth

Household Income

$91,400

36.5% YoY Growth

Days on Market

11.0% Shorter YoY

Home Price Forecast

N/A

Median Rent

$662

N/A

1-Bed Rent

$662

N/A

2-Bed Rent

N/A

3-Bed Rent

N/A

Home Price Trends — Lake Park, MN

Lake Park, MN lacks sufficient home price data for analysis.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$396,000	2.5%
Single Family	$396,000	2.9%
Condos	N/A	N/A

Cost per Home Size

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

Rental Trends — Lake Park, MN

Lake Park, MN lacks sufficient rental market data for analysis.

Type	Median Rent	Average Rent
Average Rent	$662	$678
Studio Rent	N/A	N/A
1 Bed Rent	$662	$678
2 Bed Rent	N/A	N/A
3 Bed Rent	N/A	N/A
4 Bed Rent	N/A	N/A

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% of Rental Stock

1 Bedroom

22.4%

2 Bedrooms

27.1%

3 Bedrooms

34.1%

4 Bedrooms

16.5%

Property Listings — Lake Park, MN

As of Nov '25, Realtor.com reports that the median days on market for a home in Lake Park, MN is 39. This is a decrease of -11.0% 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	$547,000	20.0%
Listing Count	18	25.0%
Listings as % of Homes	0.6%	25.0%
Days on Market	39	-11.0%

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Demographics — Lake Park, MN

As of the latest ACS Survey released in 2023, Lake Park, MN has a population of 2,690, which has decreased by -2.6% over the past 5 years. Lake Park, MN is a moderately popular place for families, as children make up 21.2% of the population. The area has a moderately educated workforce, with 35.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.2% reporting working from home.

Metric	Latest Census	YoY % Change
Population	2,690	-2.6%
% Under 18	21.2%	-15.5%
% Seniors	24.9%	25.1%
% WFH	14.2%	77.5%
% w/ College Degree	35.8%	27.9%

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As of the latest ACS Survey released in 2023, Lake Park, MN is a predominantly white area, with 90.7% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Lake Park, MN is asian, making up 1.8% of the population. Foreign-born residents account for 1.7% of the population in Lake Park, MN, and this percentage has increased by 240.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	90.7%	-4.2%
% Black	0.0%	-100.0%
% Hispanic	0.6%	-80.6%
% Asian	1.8%	1,700.0%
% Foreign Born	1.7%	240.0%

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Mortgage and Risk — Lake Park, MN

According to HUD data as of 2023, there were 91 mortgage originations in Lake Park, MN, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Lake Park, MN. Investor activity is low, as 4.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	91
% Conventional Loans	88.0%
% Government Loans	12.0%
% Investor Loans	4.0%
% Second Loans	22.0%
% Cash Out Refinance	11.0%

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Rentals and Section 8 — Lake Park, MN

Lake Park, MN lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	14
Total Units Section 8	11
% Rentals under Section 8	12.9%
% Occupied Section 8	N/A

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$58	$662	$720
2 Bedroom	N/A	N/A	$930
3 Bedroom	N/A	N/A	$1,250
4 Bedroom	N/A	N/A	$1,390

Lake Park, MN—56554

Key Metrics at a Glance

Home Price Trends — Lake Park, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Lake Park, MN

% of Rental Stock

Property Listings — Lake Park, MN

Demographics — Lake Park, MN

Race and Ethnicity

Mortgage and Risk — Lake Park, MN

Mortgages

Rentals and Section 8 — Lake Park, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Lake Park, MN

Home Price to Income Ratio

Lake Park, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Hitterdal, MN

Hawley, MN

Ulen, MN

Pelican Rapids, MN

Detroit Lakes, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.9
Median Home Price	$396,000
Median Household Income	$91,400

Lake Park, MN—56554

Key Metrics at a Glance

Home Price Trends — Lake Park, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Lake Park, MN

% of Rental Stock

Property Listings — Lake Park, MN

Demographics — Lake Park, MN

Race and Ethnicity

Mortgage and Risk — Lake Park, MN

Mortgages

Rentals and Section 8 — Lake Park, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Lake Park, MN

Home Price to Income Ratio

Lake Park, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Hitterdal, MN

Hawley, MN

Ulen, MN

Pelican Rapids, MN

Detroit Lakes, MN

Frequently Asked Questions

What is the average home price in Lake Park, MN 56554?

How have home prices in Lake Park, MN 56554 changed over the past year?

What is the home price projection for Lake Park, MN 56554?

What are the demographics of Lake Park, MN 56554?

How long does it take homes to sell in Lake Park, MN 56554?

What is the average rent price in Lake Park, MN 56554?