56633, Cass Lake, MN

The Cass Lake, MN 56633 zip code has a median home value of $153,000 and a median home equity value of $101,000. The Cass Lake, MN 56633 zip code is one of the more affordable zip codes in Minnesota with both median home values and median home equity values being lower than the statewide averages.

There are a number of factors that may contribute to the lower median home values and median home equity values in the Cass Lake, MN 56633 zip code. One potential reason for this could be that the population in this zip code is relatively young, with an average age of just over 39 years. This younger population may be less likely to have accumulated significant amounts of equity in their homes over time. Additionally, there is a high percentage of single-family homes in this zip code which could lead to higher prices for these types of homes due to demand from buyers and limited supply from sellers.

Despite these factors, there are also some indications that prices are beginning to rise in the Cass Lake, MN 56633 zip code. For example, the percentage of sales classified as “high priced” (defined as above $200K) has been increasing over time which could suggest that more affluent buyers are starting to enter the market and drive up prices. Additionally, while there is still a high percentage of single-family homes sold in this zip code, there has been an increase in sales classified as “multi-family” which could suggest that more people are looking for larger homes instead of single-family dwellings.