The story of this market
The typical home in ZIP 56573 sells for about $256,900, or $125 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 $875 a month.
ZIP 56573 — Perham
The housing market in ZIP 56573 is currently balanced, with a median home value of $256,900. Market activity remains steady, driven by local employment in manufacturing and agriculture, though year-over-year price metrics show significant volatility compared to broader regional trends. Inventory levels are sufficient for current demand, and the area remains an affordable option within Otter Tail County.
This ZIP is well-suited for families and individuals seeking a rural lifestyle with access to outdoor recreation, as well as local workers in the Perham area.
Median prices moved down 41.9% year over year.
Homes spend a median of 93 days on market with 2.5 months of supply — a balanced-paced 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 3.5% · poverty 7.8% — 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 5.0%/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 5.0%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 56573, Otter Tail County MN
The area is served by the Perham-Dent Public School District, which is generally regarded as a stable rural district.
The region is subject to standard Midwestern weather risks including severe thunderstorms and winter storms; flood risk is localized to specific low-lying areas near lakes.
Economic momentum is driven by local manufacturing, agriculture, and tourism, with steady demand for residential housing in the Perham area.
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.
The area is primarily rural, with most residents commuting by car to local employment hubs in Perham or nearby regional centers via Highway 10.
The ZIP features extensive access to the lakes region of Minnesota, including local parks, fishing, boating, and golf courses within a short drive.
The rental market is characterized by limited inventory with a focus on 2-3 bedroom single-family homes and small apartment complexes.
The local economy is anchored by manufacturing, food processing, and agricultural services, with Perham serving as a regional commercial hub.
Transportation is heavily reliant on private vehicles, with Highway 10 serving as the primary arterial corridor for regional transit.
Development is focused on incremental residential expansion and infrastructure maintenance within the city of Perham.
Otter Tail County Assessor manages property valuations based on annual market analysis and state-mandated assessment cycles.
Parcels are subject to Perham-Dent School District levies and various township or municipal utility districts.
Property insurance premiums are influenced by regional weather patterns and the prevalence of older housing stock.
Data retrieved from US Census Bureau ZCTA 56573 profile.
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 popular local 18-hole course serving the community.
Major regional water body providing extensive recreational opportunities.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.