The story of this market
The typical home in ZIP 56151 sells for about $295,000, or $146 per square foot.
Prices are up +1.68% from a year ago, so sellers still have some momentum. Homes take about 116 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $250 a month.
ZIP 56151 — Lake Wilson
The housing market in 56151 is characterized by very low inventory and low transaction volume, typical of a small, rural community. Prices have shown volatility due to the small sample size of sales, but the area remains one of the more affordable markets in the region. Market conditions are stable with no significant development or economic shifts driving rapid change.
This ZIP is best suited for those seeking affordable, rural living, including retirees or individuals working in local agriculture, rather than commuters or investors.
Median prices moved up 1.7% year over year.
Homes spend a median of 116 days on market with 0.0 months of supply — a slower-moving market.
0% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.5% · poverty 8.1% — 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 9.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 56151, Murray County MN
The area is served by local public school districts in Murray County, with performance metrics generally aligned with rural Minnesota standards.
The region is subject to standard Midwestern weather risks including severe thunderstorms and winter weather; flood and wildfire risks are generally low.
The area is characterized by a stable, agriculture-dependent economy with limited new commercial development or major infrastructure expansion.
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.
Commuting is primarily by private vehicle, with residents traveling to nearby employment hubs like Slayton; public transit options are not available.
Local recreation is centered on rural outdoor activities, including access to nearby lakes and open spaces typical of the Minnesota prairie landscape.
The rental market is very limited in depth, consisting primarily of single-family homes with low turnover and minimal investor-driven short-term rental activity.
The economy is primarily driven by agriculture and local services, with limited major corporate employers in the immediate vicinity.
Transportation is entirely dependent on personal vehicles, with no public transit infrastructure serving the area.
There are no major approved or under-construction commercial or residential developments reported for this ZIP code.
Murray County manages property assessments, with valuations based on market value and subject to state-mandated equalization processes.
Parcels are subject to standard county, municipal, and school district levies; no specialized MUD or PID districts are reported.
Property insurance premiums are influenced by regional weather patterns, with standard coverage available for rural residential properties.
Data retrieved from US Census Bureau and SimpleMaps ZCTA profiles.
No public schools report a street address in this area. Source: NCES EDGE public school locations 2023-24.
The namesake water feature providing local outdoor recreation.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.