Market Overview
Home Prices in Pelican Rapids, MN
The median home value in Pelican Rapids, MN is $394,673 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.6% compared to a year ago and up 3.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Pelican Rapids are priced4% below average. Pelican Rapids is part of the Fergus Falls, MN metro area.
Over the past five years, Pelican Rapids home values have risen by approximately32.6%, reflecting strong long-term appreciation in this market.
Price History
Pelican Rapids Home Price Trend
City Comparison
Pelican Rapids vs. National Median
At $394,673, homes in Pelican Rapids cost 4% below the national median of $410,000. This makes Pelican Rapids a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Pelican Rapids?
20% Down Payment
$78,935
on $394,673
Monthly P&I
$2,058/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,614/mo
incl. taxes & insurance
Income Needed
$104,560
gross annual (30% rule)
10% Down Option
$39,467
+ PMI applies
Loan Amount (20% dn)
$315,738
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 Pelican Rapids, MN?
The median home value in Pelican Rapids is $394,673 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.6% year-over-year.
How much have home prices changed in Pelican Rapids?
Over the past year, home values in Pelican Rapids have increased by 6.6%. Over five years, prices have risen approximately 32.6%.
How much do I need to earn to buy a home in Pelican Rapids?
To comfortably afford the median home price of $394,673 with a 20% down payment ($78,935) at today's rates (6.8%), you'd need a gross annual income of approximately $104,560. This assumes keeping total housing costs at or below 30% of gross income.
How does Pelican Rapids compare to the national average home price?
The national median home value is approximately $410,000. At $394,673, homes in Pelican Rapids are 4% below the national average.
What metro area is Pelican Rapids part of?
Pelican Rapids is part of the Fergus Falls, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.