The story of this market
The typical home in ZIP 55709 sells for about $281,939, or $263 per square foot.
Prices are down 9.35% from a year ago, which gives buyers more room to negotiate. Homes take about 157 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $981 a month.
ZIP 55709 — Bovey
The housing market in 55709 is currently stable with moderate inventory levels and a slight year-over-year price correction. Demand remains consistent for rural residential properties, though the market is sensitive to broader regional economic shifts and seasonal fluctuations.
This ZIP is best suited for retirees, outdoor enthusiasts, and those seeking affordable rural living, as it offers proximity to natural amenities with a lower cost of entry compared to urban centers.
Median prices moved down 9.3% year over year.
Homes spend a median of 157 days on market with 3.2 months of supply — a balanced-paced market.
36% of listings have cut prices · homes sell at 98.5% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.7% · poverty 11.5% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 55709, Itasca County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
The area is subject to standard regional climate risks including seasonal winter weather and potential forest-related fire hazards common to northern Minnesota.
Economic momentum is driven by local tourism, forestry, and small-scale service industries, with limited large-scale industrial development reported.
Property taxes are assessed at the county level based on market value; specific mill rates vary by local school district and municipal levies.
Commutes are primarily car-dependent, with residents traveling to regional employment hubs in Itasca or Aitkin counties via state and county highway corridors.
The area features extensive access to northern Minnesota lakes, forests, and outdoor trails, with local shopping and dining concentrated in the Bovey and nearby town centers.
The rental market is characterized by limited inventory and steady demand, with a significant portion of housing stock serving as long-term residential or seasonal rentals.
The local economy is anchored by natural resource management, tourism, and small-scale retail services.
Transportation is primarily served by state highway networks; public transit options are minimal.
No major large-scale commercial or residential developments are currently reported for this ZIP.
Itasca County Assessor manages property valuations based on annual market analysis and state-mandated assessment cycles.
Parcels are subject to local school district levies and county-wide administrative and emergency service districts.
Property insurance premiums are influenced by regional wildfire and severe weather risks common to the Northwoods region.
Minnesota operates as a judicial foreclosure state with specific statutory redemption periods.
Sellers are required to provide a written disclosure statement regarding the condition of the property.
Data retrieved from ZCTA-level census profiles and local market aggregators.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Extensive public land for hunting, hiking, and outdoor recreation.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.