Is Park Rapids, MN 56470 a buyer’s or seller’s market?
Park Rapids is a balanced market. With about 4.2 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
More competitive than 36% of U.S. ZIP codes, and #260 of 296 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Park Rapids housing market right now
In the three months ending August 31, 2026, 21% of homes in Park Rapids, MN 56470 sold above their list price, the typical home went under contract in 41 days and there were 4.2 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 55 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 8%, homes sold more slowly (33 days then) and the median sale price fell 6% to $314,864. Overall, Park Rapids is more competitive than a year ago, so tougher for buyers.
Within Hubbard County, homes here sell more slowly than in 75% of the county’s ZIP codes, and sell more often over asking than in 50%. On our competition score, Park Rapids ranks #260 of 296 MN ZIP codes with enough sales (score 38 out of 100).
Nearby, Nevis 56467 (43% sold over asking) and Akeley 56433 (40% sold over asking) are even more competitive.
Run the numbers for 56470
Nearby markets
Akeley 56433Seller’s market $185 /sq ftLake George 56458Seller’s market $191 /sq ftLaporte 56461Seller’s market $193 /sq ftNevis 56467Seller’s market $263 /sq ft Browse all markets →Towns like Park Rapids nearby
Find towns like Park Rapids in other states →Where Park Rapids is
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Questions about Park Rapids real estate
Is Park Rapids a buyer’s or seller’s market?
A balanced market: there were 4.2 months of supply in Park Rapids, MN 56470 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Park Rapids?
The typical home went under contract in 41 days in the latest three months.
Do homes in Park Rapids sell over asking?
21% of homes sold above their original list price, and the typical sale closed at 96.8% of the list price.
What are property taxes in Park Rapids?
About 0.78% of a home’s value a year in Hubbard County, or roughly $3,120 on a $400,000 home.
What is the median home price in Park Rapids?
The median sale price was $314,864 in the three months ending August 31, 2026, about $192 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology