Marshall’s housing market is experiencing notable changes, with shifts in home prices, rental rates, and new developments shaping the landscape.
Home Prices and Market Trends
As of April 2026, the average home value in Marshall stands at $243,006, reflecting an 8.2% increase over the past year. This upward trend indicates a robust market, with homes selling for approximately 2% above list price and going pending in around six days. The median sale price per square foot has also risen by 18.2% year-over-year, reaching $117. These figures suggest a competitive environment for buyers and a favorable market for sellers.
Rental Market Dynamics
The rental sector in Marshall has seen modest growth. As of June 2026, the average rent for a one-bedroom apartment is $982, marking a 1.8% increase from the previous year. This gradual rise in rental rates reflects steady demand in the area.
New Housing Developments
To address the ongoing demand for housing, the Marshall Economic Development Authority (EDA) is collaborating with the Southwest Minnesota Housing Partnership to develop new affordable homes. In February 2026, the EDA held a public hearing on the proposed sale of four lots in the Parkway II Addition to the Housing Partnership. The plan involves constructing modular homes to provide more single-family housing options in the community.
Market Outlook
Despite recent developments, Marshall continues to face challenges in meeting housing demand. The limited inventory, with only 0.8 months of supply as of March 2026, underscores the need for ongoing efforts to expand housing options. For prospective buyers and renters, staying informed about market trends and new developments is essential in navigating this evolving landscape.