Pelican Rapids, MN housing market
The typical Pelican Rapids home is worth about $390,000, up 6.4% in a year, 11% above the Minnesota typical home.
Home values, sales, trends and how Pelican Rapids compares with the towns next door — updated as new data is published.
Pelican Rapids at a glance
Only 1 sale in May 2026: in a market this size, monthly medians swing a lot, so the typical value above is the steadier guide.
Typical home value, 2016–2026
Show as a table
| January | Pelican Rapids | Minnesota |
|---|---|---|
| 2017 | $208,000 | $217,000 |
| 2018 | $216,000 | $232,000 |
| 2019 | $231,000 | $246,000 |
| 2020 | $243,000 | $259,000 |
| 2021 | $271,000 | $282,000 |
| 2022 | $310,000 | $313,000 |
| 2023 | $329,000 | $325,000 |
| 2024 | $342,000 | $331,000 |
| 2025 | $360,000 | $341,000 |
| 2026 | $376,000 | $349,000 |
| August 2026 | $390,000 | $351,000 |
No new homes permitted in 2025
No permits for new homes were issued in Pelican Rapids in 2025. The last year with any was 2024 (6 new homes).
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Pelican Rapids gained 113 residents while 88 new homes were permitted: about 1.3 new residents per new home. Building outpaced population growth, which usually means smaller households or homes used part of the year. Across Minnesota: 2.2 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 1 | 1 | 0 | $266,000 |
| 2025 | 0 | 0 | 0 | — |
| 2024 | 6 | 6 | 0 | $1.6 million |
| 2023 | 1 | 1 | 0 | $360,000 |
| 2022 | 2 | 2 | 0 | $725,000 |
| 2021 | 2 | 0 | 2 | $1 million |
| 2020 | 0 | 0 | 0 | — |
| 2019 | 36 | 0 | 36 | $3.6 million |
| 2018 | 25 | 1 | 24 | $1.5 million |
| 2017 | 13 | 0 | 13 | $1.2 million |
| 2016 | 0 | 0 | 0 | — |
| 2015 | 2 | 2 | 0 | $380,000 |
| 2014 | 3 | 3 | 0 | $632,000 |
| 2013 | 2 | 2 | 0 | $474,000 |
| 2012 | 4 | 4 | 0 | $540,000 |
| 2011 | 0 | 0 | 0 | — |
| 2010 | 3 | 3 | 0 | $615,000 |
| 2009 | 1 | 1 | 0 | $200,000 |
| 2008 | 0 | 0 | 0 | — |
| 2007 | 3 | 3 | 0 | $415,000 |
| 2006 | 8 | 8 | 0 | $1.1 million |
| 2005 | 2 | 2 | 0 | $240,000 |
| 2004 | 5 | 5 | 0 | $411,000 |
| 2003 | 4 | 4 | 0 | $342,000 |
| 2002 | 0 | 0 | 0 | — |
| 2001 | 22 | 2 | 20 | $1.1 million |
| 2000 | 1 | 1 | 0 | $90,000 |
How Pelican Rapids ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
6.1 years of income
The typical Pelican Rapids home costs about 6.1 years of the town's median household income, more than across Minnesota (3.9 years).
How Pelican Rapids ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $980
HUD's Fair Market Rent for a two-bedroom in Pelican Rapids is $980 a month, utilities included: roughly what a modest, recently rented unit costs. A two-bedroom takes about 18% of the town's median household income.
Studio $680 · 4 bedrooms $1,430
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (56572; Fargo, ND-MN MSA), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.