The story of this market
The typical home in ZIP 50440 sells for about $497,000, or $252 per square foot.
Prices are up +3.6% from a year ago, so sellers still have some momentum. Homes take about 120 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $638 a month.
ZIP 50440
The housing market in Grafton (50440) is characterized by very low inventory and limited transaction volume, typical of a small rural community. Prices have seen modest year-over-year growth, reflecting broader regional trends in Iowa, while affordability remains high compared to national averages.
This ZIP is best suited for those seeking a quiet, rural lifestyle, including agricultural workers and families looking for affordable, spacious properties away from urban centers.
Median prices moved up 3.6% year over year.
Homes spend a median of 120 days on market with 12.0 months of supply — a slower-moving market.
0% of listings have cut prices · homes sell at 98% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.1% · poverty 7.5% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 50440, Worth County IA
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Schools serving the area are part of the St. Ansgar Community School District, which generally serves the rural northern Iowa region.
The area is subject to standard Midwestern weather risks including severe thunderstorms and occasional flooding; insurance premiums are generally stable compared to coastal markets.
The local economy is primarily driven by agriculture and agribusiness, with limited new commercial development in the immediate Grafton area.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Iowa) — Iowa Property Tax Assessment Limitation: The taxable value is determined by applying an assessment limitation (rollback) to the assessed market value. The limitation is calculated annually to restrict the growth in aggregate taxable value for the residential class to 3% statewide.
Commutes are primarily by private vehicle, with residents typically driving to nearby Mason City or Northwood for employment and services.
Recreation is centered on rural outdoor activities, including local parks and proximity to regional hunting and fishing areas.
The rental market is limited with low turnover and minimal institutional investor presence.
The economy is heavily reliant on the agricultural sector, with major employers located in the broader Mason City micropolitan area.
Public transit is not available; the area relies entirely on highway infrastructure for regional connectivity.
There are no major commercial or residential developments currently approved or under construction in the Grafton ZIP code.
Worth County Assessor manages property valuations based on annual market adjustments and state-mandated assessment cycles.
Parcels are served by the St. Ansgar Community School District and local county-level utility and emergency service districts.
Property insurance is readily available, though premiums are influenced by regional exposure to severe weather events.
Iowa is a judicial foreclosure state, requiring court action to complete the foreclosure process.
Sellers are required to provide a written disclosure statement regarding the condition of the property at the time of sale.
Data retrieved from US Census Bureau ZCTA-level tables for 50440.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Local community green space.
Key-figure check: median price corroborated by the prior refresh cycle (within 12.5%).