Market Overview
Home Prices in Park Rapids, MN
The median home value in Park Rapids, MN is $330,686 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4% compared to a year ago and up 2.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Park Rapids are priced19% below average.
Over the past five years, Park Rapids home values have risen by approximately31.6%, reflecting strong long-term appreciation in this market.
Price History
Park Rapids Home Price Trend
2020
$218,478
$218K
—
2021
$251,195
$251K
+15.0%
2022
$293,592
$294K
+16.9%
2023
$296,664
$297K
+1.0%
2024
$309,066
$309K
+4.2%
2025
$318,024
$318K
+2.9%
2026
$330,686
$331K
+4.0%
City Comparison
Park Rapids vs. National Median
🏠 Park Rapids
$330,686
National Median
$410,000
At $330,686, homes in Park Rapids cost 19% below the national median of $410,000. This makes Park Rapids a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Park Rapids?
20% Down Payment
$66,137
on $330,686
Monthly P&I
$1,725/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,191/mo
incl. taxes & insurance
Income Needed
$87,640
gross annual (30% rule)
10% Down Option
$33,069
+ PMI applies
Loan Amount (20% dn)
$264,549
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Park Rapids, MN?
The median home value in Park Rapids is $330,686 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4% year-over-year.
How much have home prices changed in Park Rapids?
Over the past year, home values in Park Rapids have increased by 4%. Over five years, prices have risen approximately 31.6%.
How much do I need to earn to buy a home in Park Rapids?
To comfortably afford the median home price of $330,686 with a 20% down payment ($66,137) at today's rates (6.8%), you'd need a gross annual income of approximately $87,640. This assumes keeping total housing costs at or below 30% of gross income.
How does Park Rapids compare to the national average home price?
The national median home value is approximately $410,000. At $330,686, homes in Park Rapids are 19% below the national average.