The story of this market
The typical home in ZIP 56242 sells for about $154,700, or $98 per square foot.
Prices are up +2.1% from a year ago, so sellers still have some momentum. Homes take about 62 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $850 a month.
ZIP 56242 — Hector
The housing market in ZIP 56242 remains stable and slow-moving, characterized by low inventory and modest price appreciation. Demand is driven by local residents and agricultural workers, with limited external investment or new development activity. Market conditions are expected to remain consistent with historical trends in the near term.
This area is best suited for families and individuals seeking a quiet, rural lifestyle, lower cost of living, and proximity to agricultural employment, rather than commuters or investors looking for high-growth urban amenities.
Median prices moved up 2.1% year over year.
Homes spend a median of 62 days on market with 4.2 months of supply — a balanced-paced market.
15% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.2% · poverty 8.6% — 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 3.3%/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 3.1%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 56242, Yellow Medicine County, MN
Crime rates in this rural area are generally low and stable, consistent with regional trends in Yellow Medicine County.
Schools serving the area are part of small rural districts that provide personalized instruction but have limited extracurricular offerings compared to larger suburban districts.
The area faces moderate risks from severe thunderstorms and occasional flooding near the Minnesota River valley; property insurance premiums are stable but sensitive to regional weather events.
Economic momentum is driven primarily by agriculture and local government services, with limited new commercial development or major infrastructure projects currently underway.
Property taxes are assessed at the county level based on market value; the area is subject to standard Minnesota school district and county levies with no major special district surcharges.
Commutes are primarily by private vehicle, with most residents traveling to nearby regional hubs like Granite Falls or Marshall for employment.
Recreation is centered on outdoor activities including local parks, fishing, and hunting, with limited retail and dining options within a 3-mile radius.
The rental market is characterized by low inventory and high demand for affordable housing, with few multi-family developments and a reliance on single-family rentals.
The economy is heavily reliant on the agricultural sector, including crop production and agribusiness, supported by local government and small-scale retail services.
Transportation is almost exclusively dependent on personal vehicles, with no public transit infrastructure serving this rural ZIP code.
There are no major commercial or residential developments currently approved or under construction in this area.
The Yellow Medicine County Assessor manages property valuations, focusing on agricultural land use and residential property assessments.
Parcels are subject to standard county, township, and school district levies; no significant MUD or PID districts are present.
Property insurance remains available, though premiums are influenced by regional exposure to severe weather and wind damage.
The state experiences modest net domestic migration, with rural areas like this seeing stable or slightly declining populations.
Minnesota is a judicial foreclosure state, requiring court action to initiate the process, which provides a longer timeline for homeowners.
Sellers are required to provide a written disclosure statement regarding the condition of the property, including known material defects.
Data retrieved from Census Reporter and ACS 5-year summary tables for ZCTA 56242.
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.
Provides extensive opportunities for hiking, fishing, and wildlife observation.
Small neighborhood parks providing basic playground and picnic facilities.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.