The story of this market
The typical home in ZIP 56162 sells for about $264,000, or $112 per square foot.
Prices are down 2.4% from a year ago, which gives buyers more room to negotiate. Homes take about 142 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,292 a month.
ZIP 56162 — Ormsby
The housing market in 56162 is characterized by low liquidity and limited inventory, reflecting its status as a small, rural agricultural community. Prices have seen modest growth over the last decade, but the market remains soft with high days-on-market and minimal sales volume. Investors should be wary of management intensity and limited rental demand in this stagnant economic environment.
This ZIP is best suited for local agricultural workers or those seeking low-cost rural housing, as it lacks the amenities and employment density to attract commuters or investors.
Median prices moved down 2.4% year over year.
Homes spend a median of 142 days on market with 18.0 months of supply — a slower-moving market.
12% of listings have cut prices · homes sell at 94% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.0% · poverty 5.4% — 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 6.9%/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 5.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 56162, Martin County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Local schools are part of the Martin County West school district, serving a small rural population with limited extracurricular offerings.
The area is primarily agricultural with low wildfire risk, though localized flooding near drainage ditches and low-lying fields is a seasonal consideration.
Economic momentum is stagnant with limited new development; the area relies heavily on regional agricultural support services.
Property taxes are assessed by Martin County based on market value; the area lacks significant special district overlays beyond standard county and school levies.
Commutes are primarily car-dependent, with residents traveling to nearby regional hubs like Fairmont for employment and services.
Recreation is limited to local community parks and proximity to rural open spaces; major shopping and entertainment require travel to larger regional centers.
The rental market is thin with low turnover and limited institutional presence; vacancy pressure is high due to the small, aging housing stock.
The economy is dominated by the agricultural sector, with local employment tied to farming operations and small-scale regional support services.
Transportation is entirely reliant on private vehicles; there is no public transit infrastructure serving this rural ZIP code.
There are no major commercial or residential developments currently approved or under construction in the area.
Martin County Assessor manages property valuations based on annual market analysis and state-mandated assessment cycles.
Parcels are subject to Martin County West ISD levies and standard county-wide taxing authorities.
Property insurance premiums are stable but reflect the rural nature of the area and the age of the housing stock.
Data retrieved from Census Bureau ZCTA-level tables.
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.
Small local green space serving the immediate residential area.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.