ZIP Code Market Report
51531 — Elk Horn, IA
Data through February 2026 · Updated monthly
Avg Home Value
$195,655
▲ 1.0% year-over-year
Month-over-Month
-0.4%
▼ 0.4%
Single Family
$193,614
Condo / Co-op
--
The average home value in the 51531 ZIP code (Elk Horn, IOWA) is $195,655 as of February 2026. Home prices are stable, up 1.0% compared to last year.
A 3-bedroom home in 51531 is valued at $208,168.
The market in 51531 has a $203,158 spread between bottom-tier homes at $117,792 and top-tier homes at $320,951. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
This report is part of the Shelby County market area in IOWA. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Shelby County report.
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Market Snapshot
51531 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $197,617 | $196,427 | $195,655 | ▼ 1.0% |
| Single Family Value | $192,105 | $193,013 | $193,614 | ▲ 0.8% |
Home Values
51531 Home Value Trend
Historical home values for ZIP code 51531. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 51531
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 2 Bedrooms | $172,197 |
| 3 Bedrooms | $208,168 |
| 4 Bedrooms | $226,836 |
Property Types
Home Values by Property Type in 51531
How different property types compare in this ZIP code.
All Homes
$195,655
Single Family
$193,614
Bottom Tier
$117,792
Top Tier
$320,951
Data Sources and Methodology
Home value data for ZIP code 51531 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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