The story of this market
The typical home in ZIP 56245 sells for about $153,000, or $118 per square foot.
Prices are up +4.8% from a year ago, so sellers still have some momentum. Homes take about 78 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $630 a month.
ZIP 56245 — Hanley Falls
The Granite Falls housing market remains stable with modest price appreciation and low inventory levels. Market activity is driven by local demand and a limited supply of available homes, resulting in a balanced environment for buyers and sellers.
This ZIP is well-suited for families and individuals seeking an affordable, small-town lifestyle with access to regional outdoor amenities and a lower cost of living.
Median prices moved up 4.8% year over year.
Homes spend a median of 78 days on market with 4.0 months of supply — a balanced-paced market.
12% of listings have cut prices · homes sell at 97% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 0.4% · poverty 7.0% — 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 4.3%/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 2.9%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 56245, Minnesota
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 Granite Falls remain low and are generally consistent with rural Minnesota averages, with no significant upward trends reported.
The area is served by the Yellow Medicine East School District, which provides standard public education services typical of rural Minnesota communities.
The city is situated along the Minnesota River, presenting localized flood risks in low-lying areas; standard property insurance coverage is generally available.
Economic momentum is stable, anchored by local government, healthcare, and agricultural support services, with limited large-scale industrial development.
Property taxes are assessed at the county level by Yellow Medicine and Chippewa counties, with rates determined by local school district and municipal levies.
Commutes are primarily local or to nearby regional hubs like Marshall or Willmar, with most residents relying on personal vehicles for travel.
The area features access to the Minnesota River, Memorial Park, and various local trails, providing outdoor recreation opportunities within the city limits.
The rental market is characterized by low turnover and limited inventory, with rents remaining relatively affordable compared to larger urban centers.
The local economy is driven by agriculture, healthcare, and public sector employment, serving as a regional hub for Yellow Medicine County.
Transportation is dominated by highway access via MN-23 and US-212, connecting the city to larger regional employment centers.
Development is focused on small-scale infrastructure maintenance and local business support rather than large-scale commercial expansion.
The county appraisal district conducts annual assessments based on market value, with property tax rates set by local taxing authorities.
Parcels are subject to school district levies and county-wide special districts for hospital and utility services.
Property insurance premiums are generally stable, though coverage for flood-prone areas near the river may require specific policy considerations.
Data retrieved from Census Reporter and US Census Bureau profiles for Granite Falls, MN.
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.
A central community park offering green space and recreational facilities.
Provides fishing, boating, and scenic views along the city's edge.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.