Is Pelican Rapids, MN 56572 a buyer’s or seller’s market?

The Pelican Rapids housing market right now

In the three months ending August 31, 2026, 18% of homes in Pelican Rapids, MN 56572 sold above their list price, the typical home went under contract in 51 days and there were 3.8 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 34 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 9%, homes sold faster (73 days then) and the median sale price rose 13% to $434,812. Overall, Pelican Rapids is more competitive than a year ago, so tougher for buyers.

Within Otter Tail County, homes here sell more slowly than in 67% of the county’s ZIP codes, and sell more often over asking than in 61%. On our competition score, Pelican Rapids ranks #266 of 296 MN ZIP codes with enough sales (score 36 out of 100).

Nearby, buyers who want less competition could look at Vergas 56587 (0% sold over asking) or Erhard 56534 (0% sold over asking), while Deer Creek 56527 (50% sold over asking) and New York Mills 56567 (38% sold over asking) are even more competitive.