The story of this market
The typical home in ZIP 56247 sells for about $175,000, or $106 per square foot.
Prices are down 5% from a year ago, which gives buyers more room to negotiate. Homes take about 62 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $678 a month.
ZIP 56247
The Granite Falls housing market is characterized by high affordability and low inventory, with a median sale price of $175,000. Market activity is stable, though year-over-year prices have seen a slight decline. Growth is supported by local economic development initiatives aimed at expanding housing options.
This ZIP is well-suited for families and individuals seeking an affordable, small-town lifestyle with access to regional outdoor amenities.
Median prices moved down 5.0% year over year.
Homes spend a median of 62 days on market with 4.8 months of supply — a balanced-paced market.
0% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.5% · poverty 8.6% — a stable, low-distress profile.
ZCTA 56241
The area is served by the Granite Falls public school system, which is part of the Yellow Medicine East school district.
The area faces risks from severe wind events and is projected to experience a significant increase in extreme heat days over the next 30 years.
The Granite Falls Economic Development Authority actively promotes single and multi-family housing development to support local growth.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
The area is primarily rural with residents commuting via US Highway 212 toward regional employment hubs.
The city features access to the Minnesota River, local parks, and trails, providing outdoor recreation opportunities within the immediate vicinity.
The rental market is characterized by limited inventory and stable demand, with rents significantly lower than national averages.
The local economy is anchored by public administration, agriculture, and small-scale retail and services.
Transportation is primarily automobile-dependent, with US Highway 212 serving as the main corridor.
The Granite Falls EDA maintains a focus on housing development and industrial park expansion.
Assessments are managed by the respective county assessors for Yellow Medicine and Chippewa counties.
Parcels are subject to school district levies and county-level special service districts.
Property insurance premiums are influenced by regional exposure to severe weather, including wind and extreme heat risks.
Data derived from Census Bureau QuickFacts and Data USA profiles for Yellow Medicine County.
No public schools report a street address in this area. Source: NCES EDGE public school locations 2023-24.
A major natural feature providing scenic views and recreational access.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.