The story of this market
The typical home in ZIP 56240 sells for about $179,511, or $115 per square foot.
Prices are up +2.4% from a year ago, so sellers still have some momentum. Homes take about 92 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $739 a month.
ZIP 56240 — Graceville
The housing market in 56240 is characterized by low inventory and steady, modest price appreciation. Demand is driven by local residents and those seeking affordable rural living, though the limited supply keeps sales volume low. Market conditions remain stable with no significant volatility expected in the near term.
This ZIP is best suited for families and individuals seeking a quiet, low-cost rural lifestyle. It is less ideal for those requiring proximity to major urban employment centers or extensive retail amenities.
Median prices moved up 2.4% year over year.
Homes spend a median of 92 days on market with 6.2 months of supply — a slower-moving market.
8% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.8% · poverty 17.3% — 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 5.1%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 56240, Big Stone County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in this rural area remain significantly lower than state and national averages, with property crime being the primary concern. Trends have remained stable over the last several years.
Schools serving the area are part of small, rural districts that provide personalized attention but face challenges with limited extracurricular offerings and declining enrollment.
The area faces moderate risk from severe winter storms and occasional spring flooding near local river basins. Property insurance premiums are stable but reflect regional weather-related risk adjustments.
Economic momentum is modest, driven primarily by agricultural support services and local government employment. Infrastructure development is focused on maintaining existing rural road networks.
Property taxes are assessed at the county level based on market value, with rates determined by local school district and municipal levies. Agricultural land may qualify for specific green-acre or homestead exemptions.
Commutes are primarily car-dependent, with residents traveling to nearby regional hubs for employment. Public transit options are not available.
The area offers access to local parks, river trails, and outdoor activities like fishing and hunting. Shopping and dining options are limited to small-town local businesses.
The rental market is characterized by low turnover and limited inventory, with most units being single-family homes or small multi-family properties. Vacancy pressure is generally low due to the lack of new supply.
The local economy is heavily reliant on the agricultural sector, including crop production and livestock. Small-scale retail and public sector jobs provide the remainder of the employment base.
Transportation is entirely reliant on private vehicles, with state highways serving as the primary corridors for regional travel. No public transit infrastructure exists.
There are no major commercial or residential developments currently in the pipeline for this ZIP code.
The county assessor manages property valuations, with assessments conducted periodically to reflect market changes. Appeals processes are available to property owners.
Parcels are subject to standard county and school district taxes, with no significant MUD or PID districts identified.
Property insurance remains available, though premiums are influenced by regional exposure to severe weather events. Market health is stable.
The state experiences modest net domestic migration, with rural areas like this one seeing stable or slightly declining population trends.
Minnesota is a judicial foreclosure state, requiring court oversight for the foreclosure process. Statutory redemption periods apply to homeowners.
Sellers are required to provide a written disclosure statement regarding the condition of the property, including known material defects.
Data retrieved from data.census.gov ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Provides basic playground and picnic facilities for residents.
Popular for local fishing and seasonal recreational boating.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.