Marshall, Minnesota, has experienced notable shifts in its housing market, reflecting broader economic trends and local dynamics. Understanding these changes is crucial for prospective homeowners, renters, and investors.
Current Market Overview
As of July 2026, the average apartment rent in Marshall stands at $893 for a studio, $977 for a one-bedroom, $1,032 for a two-bedroom, and $1,092 for a three-bedroom unit. This represents a 1.3% increase over the past year, indicating a steady demand for rental properties. Additionally, renters make up approximately 47% of the city’s population, highlighting a balanced mix between renters and homeowners.
Homeownership Trends
The median home value in Marshall is $235,136, with a median household income of $68,566. These figures suggest that homeownership remains accessible for many residents. However, the market’s competitiveness is evident, with homes selling for 99.32% of their asking price and a limited inventory of 0.8 months’ supply. Such conditions favor sellers, making it imperative for buyers to act decisively.
Population and Economic Factors
Marshall’s population has seen modest growth, reaching 13,896 residents. The city’s cost of living index is 93, slightly below the national average, making it an attractive location for individuals and families seeking affordability without sacrificing quality of life.
Looking Ahead
While the housing market in Marshall is currently robust, potential buyers and renters should remain vigilant. Monitoring market trends, understanding personal financial readiness, and consulting with local real estate professionals can provide valuable insights. As the city continues to evolve, staying informed will be key to making sound housing decisions.