Is Bingham Lake, MN 56118 a buyer’s or seller’s market?

3 months ending August 31, 2026 · Source: Redfin

Bingham Lake is a balanced market. With about null months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.

Months of supply—Under 4 months = seller’s market

Sold above original list—Share of sales, last 3 months

Median sale-to-list—Sold price ÷ list price

Median days on market—Listing to accepted offer

Median price per sq ft—

The Bingham Lake housing market right now

There haven’t been enough recent sales here for a detailed summary yet.

About the area

Cottonwood County, MN

Population	457
Median income	$91,250
Average income	$102,402
Median home value	$259,600
Median rent	$933/month
Owner-occupied	96% of homes
Median year built	1949

Natural hazard riskWinter storms (very high), tornadoes (relatively high), hail (relatively high)

Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (household income; home value as estimated by owners), ZIP code tabulation area 56118; hazard risk from the FEMA National Risk Index for the census tracts in this ZIP code (not endorsed by FEMA).

Run the numbers for 56118

Prefilled for 56118Can I win this house?Multiple-offer likelihood for a listing Prefilled for 56118Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Jeffers 56145 — /sq ft Mountain Lake 56159Balanced $96 /sq ft Westbrook 56183Balanced $109 /sq ft Windom 56101Balanced $117 /sq ft Browse all markets →

Where Bingham Lake is

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Questions about Bingham Lake real estate

What are property taxes in Bingham Lake?

About 1.05% of a home’s value a year in Cottonwood County, or roughly $4,200 on a $400,000 home.

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More tools for 56118

Competition score Buyer leverage Negotiation room Compare with other ZIP codes True cost to buy Property taxes Closing costs Cash buyers Backup offer odds Home value Cottonwood County property taxes Cottonwood County loan limits Closing costs in Minnesota Hottest ZIP codes in Minnesota

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology