ZIP Code Market Report
56531 — Elbow Lake, MN
Data through February 2026 · Updated monthly
Avg Home Value
$204,009
▲ 8.1% year-over-year
Month-over-Month
+1.1%
▲ 1.1%
Single Family
$200,525
Condo / Co-op
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The average home value in the 56531 ZIP code (Elbow Lake, MINNESOTA) is $204,009 as of February 2026. Home prices are rising, up 8.1% compared to last year.
The market in 56531 has a $300,572 spread between bottom-tier homes at $120,067 and top-tier homes at $420,639. 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 Grant County market area in MINNESOTA. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Grant County report.
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Market Snapshot
56531 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 | $201,289 | $201,779 | $204,009 | ▲ 1.4% |
| Single Family Value | $194,965 | $197,440 | $200,525 | ▲ 2.9% |
Home Values
56531 Home Value Trend
Historical home values for ZIP code 56531. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
Property Types
Home Values by Property Type in 56531
How different property types compare in this ZIP code.
All Homes
$204,009
Single Family
$200,525
Bottom Tier
$120,067
Top Tier
$420,639
Data Sources and Methodology
Home value data for ZIP code 56531 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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