Underwood, MN housing market
The typical Underwood home is worth about $351,000, up 5.5% in a year, close to the Minnesota typical home.
Home values, sales, trends and how Underwood compares with the towns next door — updated as new data is published.
Underwood at a glance
Typical home value, 2016–2026
Show as a table
| January | Underwood | Minnesota |
|---|---|---|
| 2017 | $185,000 | $217,000 |
| 2018 | $196,000 | $232,000 |
| 2019 | $205,000 | $246,000 |
| 2020 | $224,000 | $259,000 |
| 2021 | $250,000 | $282,000 |
| 2022 | $277,000 | $313,000 |
| 2023 | $298,000 | $325,000 |
| 2024 | $311,000 | $331,000 |
| 2025 | $330,000 | $341,000 |
| 2026 | $338,000 | $349,000 |
| August 2026 | $351,000 | $351,000 |
1 new home permitted in 2025
Builders were permitted 1 new home in Underwood in 2025. Over the past 10 years, Underwood has permitted 13 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Underwood gained 15 residents while 16 new homes were permitted: about 0.9 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) | 2 | 2 | 0 | $1.1 million |
| 2025 | 1 | 1 | 0 | $540,000 |
| 2024 | 0 | 0 | 0 | — |
| 2023 | 1 | 1 | 0 | $250,000 |
| 2022 | 0 | 0 | 0 | — |
| 2021 | 0 | 0 | 0 | — |
| 2020 | 3 | 3 | 0 | $480,000 |
| 2019 | 1 | 1 | 0 | $30,000 |
| 2018 | 0 | 0 | 0 | — |
| 2017 | 4 | 4 | 0 | $467,000 |
| 2016 | 3 | 3 | 0 | $545,000 |
| 2015 | 6 | 6 | 0 | $1.2 million |
| 2014 | 0 | 0 | 0 | — |
| 2013 | 1 | 1 | 0 | $50,000 |
| 2012 | 1 | 1 | 0 | $110,000 |
| 2011 | 0 | 0 | 0 | — |
| 2010 | 0 | 0 | 0 | — |
| 2009 | 0 | 0 | 0 | — |
| 2008 | 1 | 1 | 0 | $165,000 |
| 2007 | 1 | 1 | 0 | $87,000 |
| 2006 | 0 | 0 | 0 | — |
| 2005 | 5 | 3 | 2 | $632,000 |
| 2004 | 5 | 5 | 0 | $560,000 |
| 2003 | 0 | 0 | 0 | — |
| 2002 | 1 | 1 | 0 | $85,000 |
| 2001 | 3 | 3 | 0 | $210,000 |
| 2000 | 0 | 0 | 0 | — |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Underwood and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Underwood | $351K | +5.5% | $1,150 | 1 | $75,000 |
| Sverdrup | — | — | $1,150 | 0 | $72,250 |
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024 · figures for a place this size carry wide margins of error.
A two-bedroom rents for about $1,150
HUD's Fair Market Rent for a two-bedroom in Underwood is $1,150 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Underwood pay a median of $925, so moving in tends to cost more than staying put.
Studio $790 · 4 bedrooms $1,680
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (56586; Otter Tail County, MN), 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. 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.