Pelican Rapids, MN 56572 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Pelican Rapids, MN—56572

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$374,000

2.5% YoY Growth

Household Income

$83,600

32.6% YoY Growth

Days on Market

29.0% Longer YoY

Home Price Forecast

2.1%

Median Rent

$1,300

69.1% YoY Growth

1-Bed Rent

$1,500

91.1% YoY Growth

2-Bed Rent

N/A

3-Bed Rent

$1,300

14.0% YoY Growth

Home Price Trends — Pelican Rapids, MN

As of Nov '25, the median home price in Pelican Rapids, MN is $374,000, with a year-over-year change of 2.5%. This indicates that home prices in Pelican Rapids, MN are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$374,000	2.5%
Single Family	$374,000	2.7%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

2.2%

1 Bedroom

33.8%

2 Bedrooms

41.3%

3 Bedrooms

13.0%

4 Bedrooms

3.3%

5+ Bedrooms

6.4%

Property Listings — Pelican Rapids, MN

As of Nov '25, Realtor.com reports that the median days on market for a home in Pelican Rapids, MN is 84. This is a increase of 29.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$585,000	-3.0%
Listing Count	33	15.0%
Listings as % of Homes	0.4%	15.0%
Days on Market	84	29.0%

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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%

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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%

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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%

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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

Pelican Rapids, MN—56572

Key Metrics at a Glance

Home Price Trends — Pelican Rapids, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Pelican Rapids, MN

% of Rental Stock

Property Listings — Pelican Rapids, MN

Demographics — Pelican Rapids, MN

Race and Ethnicity

Mortgage and Risk — Pelican Rapids, MN

Mortgages

Rentals and Section 8 — Pelican Rapids, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Pelican Rapids, MN

Home Price to Income Ratio

Pelican Rapids, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Erhard, MN

Elizabeth, MN

Vergas, MN

Lake Park, MN

Dent, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4
Median Home Price	$374,000
Median Household Income	$83,600

Pelican Rapids, MN—56572

Key Metrics at a Glance

Home Price Trends — Pelican Rapids, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Pelican Rapids, MN

% of Rental Stock

Property Listings — Pelican Rapids, MN

Demographics — Pelican Rapids, MN

Race and Ethnicity

Mortgage and Risk — Pelican Rapids, MN

Mortgages

Rentals and Section 8 — Pelican Rapids, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Pelican Rapids, MN

Home Price to Income Ratio

Pelican Rapids, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Erhard, MN

Elizabeth, MN

Vergas, MN

Lake Park, MN

Dent, MN

Frequently Asked Questions

What is the average home price in Pelican Rapids, MN 56572?

How have home prices in Pelican Rapids, MN 56572 changed over the past year?

What is the home price projection for Pelican Rapids, MN 56572?

What are the demographics of Pelican Rapids, MN 56572?

How long does it take homes to sell in Pelican Rapids, MN 56572?

What is the average rent price in Pelican Rapids, MN 56572?