The story of this market
The typical home in ZIP 56572 sells for about $252,704, or $101 per square foot.
Prices are down 41.9% from a year ago, which gives buyers more room to negotiate. Homes take about 93 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $850 a month.
ZIP 56572 — Pelican Rapids
The Pelican Rapids housing market is currently balanced, with a median sale price of $252,704 and a low volume of closed sales. While some sources report high listing prices for luxury waterfront properties, the broader market reflects a correction from previous year-over-year highs. Development efforts are focused on increasing owner-occupied housing inventory to meet local demand.
This ZIP code is well-suited for families seeking a small-town environment, outdoor enthusiasts attracted to the lake country, and commuters looking for a balance between rural living and access to regional employment hubs.
Median prices moved down 41.9% year over year.
Homes spend a median of 93 days on market with 0.0 months of supply — a slower-moving market.
4% of listings have cut prices · homes sell at 95.9% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.2% · poverty 11.0% — 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 5.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 56572, Otter Tail County MN
The area is served by the Pelican Rapids Public School District, which maintains a central role in the community's educational landscape.
The region is characterized by a high density of lakes and wetlands, necessitating standard flood insurance considerations for waterfront properties.
Economic momentum is supported by local community development initiatives, including the development of new single-family housing lots to address inventory shortages.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
Residents typically commute toward the Fargo-Moorhead metropolitan area or Detroit Lakes for employment, with travel times generally ranging from 20 to 45 minutes.
The area is a hub for lake-based recreation, featuring access to Pelican Lake and Lake Lida, alongside local parks and proximity to regional golf courses.
The rental market is characterized by limited inventory, with demand driven by local employment and seasonal lake-area interest.
The local economy is anchored by agriculture, tourism, and small-scale manufacturing, with significant employment influence from the nearby Fargo-Moorhead and Detroit Lakes labor markets.
Transportation is primarily reliant on personal vehicles, with State Highway 108 serving as a primary corridor connecting the area to regional transit networks.
The city is actively managing a pipeline of new residential lot developments to support population growth and housing inventory needs.
The Otter Tail County Assessor's office manages property valuations, utilizing standard mass appraisal techniques for tax assessment purposes.
Parcels are subject to levies from the Pelican Rapids Public School District and Otter Tail County, with potential additional assessments for local utility and watershed districts.
Property insurance premiums are influenced by the area's proximity to numerous lakes and the associated flood and wind risk profiles.
Data retrieved from US Census Bureau ACS profiles for ZCTA 56572.
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. Source: NCES EDGE public school locations 2023-24.
A major regional lake providing extensive boating, fishing, and recreational opportunities.
A prominent local lake known for its scenic views and residential waterfront properties.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.