56031, Fairmont, MN

The 56031 zip code of Fairmont, Minnesota has a median home value of $247,500 and a median home equity value of $137,000. This is higher than the statewide median home value of $161,200 and the national median home equity value of $177,600. The 56031 zip code also has a lower than average percentage of homeowners with negative equity (less than 20% of homes have less than 20% equity) at just 9%. This is lower than the statewide percentage of homeowners with negative equity (15%) and the national percentage (20%).

There are several factors that may contribute to these high home values in the 56031 zip code. First, Fairmont is located in an affluent area with a high population density. Second, there is a strong demand for housing in this area due to its excellent schools and amenities. Third, many homes in this zip code were built between 2000-2009 which are considered to be some of the most stable years for real estate prices. Finally, there is limited inventory available for purchase which may drive up prices even further in the future.