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Sarah Mitchell

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Compass Real Estate · Minnesota

“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”

Minnesota(512) 555-0184TX License #0512847

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Minnesota housing market

The typical home in Minnesota is worth $350,752, up 2.5% over the past year. Homes that actually closed went for a median of $372,300 after 25 days on market. On supply, pricing discipline, and speed of sale, Minnesota currently reads as a seller's market at 2.3 months of supply. At today's 7.03% 30-year fixed rate, that typical home costs $1,873 a month in principal and interest with 20.0% down.

Sources: Zillow, August 2026 · Refreshes monthly · Redfin, through May 2026 · Freddie Mac via FRED, September 2026

Minnesota housing market at a glance

Every tile carries the provider and the month it was published

Typical home value

$350,752

+2.5% YoY · Zillow, August 2026

Median sale price

$372,300

Redfin, through May 2026

Typical asking rent

$1,697/mo

Median of 80 cities · Zillow, August 2026

30-yr fixed rate

7.03%

Freddie Mac via FRED, September 2026

Monthly P&I

$1,873

20.0% down, 30-yr fixed

Days on market

+2 days YoY

Active listings

14,792

+0.1% YoY

Median household income

$87,556

U.S. Census ACS, 2023

Typical home value is Zillow's ZHVI — the value of a typical home across the whole housing stock, not just the homes that sold. Median sale price is what actually closed. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

Where Minnesota home prices are heading

Minnesota's typical home value is $350,752, up 2.5% over 12 months. The two-year number matters more than the one-year number: it spans a full rate cycle rather than a single seasonal swing. Values are at or within a rounding error of their two-year high.

Against the national picture, Minnesota runs 4.9% below the U.S. typical home value of $368,697, and its 12-month move of +2.5% is outpacing the national pace of +1.2%.

What would have to change for Minnesota prices to fall. Prices fall when supply outruns demand for long enough that sellers compete on price rather than waiting. Minnesota is carrying 2.3 months of supply — below the four-month line, so inventory would have to roughly double before sellers lose pricing power. Active listings are +0.1% year over year and new listings +2.4%, which is close to flat. The other lever is the rate. At 7.03%, existing owners with cheaper mortgages have little reason to list, which is what has kept supply artificially low across most of the country. A sustained move down in rates unlocks those sellers and adds inventory; it also adds buyers. Which side moves first decides the direction.

Market trends

Statewide monthly series · Redfin, through May 2026 · No longer updating · Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

What it costs to buy in Minnesota at today's rate

Down payment

$70,150

20.0% of value

Loan amount

$280,602

30-yr fixed

Monthly P&I

$1,873

at 7.03%

Income needed

$80,271

28.0% front-end ratio

A buyer purchasing the typical Minnesota home at $350,752 puts $70,150 down, finances $280,602, and pays $1,873 a month in principal and interest. Property taxes, homeowners insurance, HOA dues, and mortgage insurance sit on top of that and vary by county — budget for them separately rather than assuming the P&I figure is the payment.

Lenders typically want principal and interest under 28.0% of gross income, which puts the qualifying income for that purchase at roughly $80,271. Minnesota's median household earns $87,556 (Census ACS 2023) — a gap of $7,285 below what the median household brings in. Put differently, the median household would spend 25.7% of gross income on principal and interest alone — inside the ratio most lenders underwrite to.

The value-to-income ratio in Minnesota is 4.0x. Between roughly 3.5x and 5x, prices are ahead of local earnings but still within reach for higher-earning households. Model your own numbers in the affordability calculator or the mortgage calculator.

Figures are illustrative, not a quote or a pre-approval. Rate: Freddie Mac via FRED, September 2026 · Value: Zillow, August 2026 · Income: U.S. Census ACS, 2023

Buying in Minnesota in the next 12 months?

Tell us your timeline. We send the Minnesota market brief: the price ranges that are actually clearing, the cities where your budget goes furthest, and what to fix on your credit before you apply.

Rent or buy in Minnesota?

Zillow publishes its rent index per city rather than per state, so the honest statewide read is the median across the 80 largest Minnesota cities that carry it: $1,697 a month. Set against a typical home value of $350,752, that is a price-to-rent ratio of 17.2x.

Between 15x and 20x the two options are close enough that the tiebreaker is how long you stay, not the ratio itself. Principal and interest on the typical home runs $176 more per month than that typical rent — and that is before taxes, insurance, and the roughly 1% of value a year most owners spend on maintenance.

For a second read on the same question, the Census ACS puts median gross rent across all Minnesota households — every unit type, not just what is currently listed — at $1,235 a month (2023), with 72.4% of Minnesota households owning rather than renting. Asking rents lead the ACS figure because they reflect today's new leases rather than the whole stock of existing ones.

Run the rent-vs-buy calculator with your own holding period and down payment — the statewide ratio is a starting point, not an answer.

Supply: what is on the market in Minnesota

Minnesota inventory, new listings, sales, and supply, latest month versus the same month a year earlier
Measure	Latest	Year earlier	Change
Active listings	14,792	14,772	+0.1%
New listings	9,248	9,035	+2.4%
Homes sold	6,491	6,540	-0.7%
Months of supply	2.3	2.3	+0.0
Sale-to-list ratio	100.0%	100.2%	Above asking

What these mean. Active listings is the shelf — everything a buyer could tour today. New listings is restock rate; when it falls faster than sales, the shelf empties. Months of supply is active inventory divided by homes sold per month: at the current sales pace, how many months it would take to sell every home currently listed. Under 4 months of supply tilts toward sellers, 4 to 5 months is the neutral band, and above 5 months tilts toward buyers — above 7 months is a glut. These are the same thresholds the market verdict on every city and ZIP page is scored against. Sale-to-list ratio is the discipline check — above 100% means homes are clearing over asking on average, below means sellers are conceding.

Redfin, through May 2026 · No longer updating — Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026. Zillow's inventory and new-listing counts are published per city and appear on the individual city pages.

Where Minnesota home values are moving fastest

12-month change in typical home value · Zillow, August 2026

Rising fastest

Falling

Computed from Zillow's typical home value for each city at August 2026 against the same month a year earlier, across the 150 largest Minnesota cities by population. Small markets swing hardest because a handful of transactions moves the index — read the city page before treating a large move as a trend.

The most and least expensive cities in Minnesota

Typical home value across the 150 largest cities · Zillow, August 2026

Most expensive

1.Orono$1.15M
2.North Oaks$958,858
3.Wayzata$945,012
4.Medina$841,104
5.Shorewood$828,641
6.Grant$733,381
7.Minnetrista$684,700
8.Lake Elmo$638,544
9.Edina$626,258
10.Victoria$618,938

Most affordable

1.Fairmont$170,959
2.Albert Lea$182,805
3.Austin$190,664
4.Fergus Falls$205,415
5.Bemidji$219,753
6.Marshall$242,209
7.Willmar$243,378
8.Worthington$248,985
9.Waite Park$251,128
10.New Ulm$254,537

The spread between Orono and Fairmont is 6.8x — one reason a single statewide number is close to useless for a buyer with a fixed budget. Pick the city first, then the price band. Speed is a separate axis from price: Marshall was the quickest of these markets to clear at 5 days on market (Redfin, through May 2026).

How Minnesota compares

Minnesota typical home value, 12-month change, median household income, and value-to-income ratio compared with the United States and neighboring states
Market	Typical value	12-mo change	Median income	Value / income
Minnesota	$350,752	+2.5%	$87,556	4.0x
United States	$368,697	+1.2%	—	—
Wisconsin	$339,699	+5.1%	$75,670	4.5x
Iowa	$239,547	+3.5%	$73,147	3.3x
North Dakota	$292,293	+5.2%	$75,949	3.8x

The three states above are Minnesota's nearest land neighbours — the markets buyers most often price against when a move is still negotiable. Wisconsin and Iowa and North Dakota carry lower typical home value than Minnesota, which is what makes them the usual destination for equity-funded moves out of Minnesota.

Values and 12-month changes: Zillow, August 2026 · Refreshes monthly. Income: U.S. Census ACS, 2023. ACS publishes household income per state, not for the nation on the same basis, so the U.S. row shows home value only.

Minnesota housing markets by city

494 cities tracked — the 60 largest by population shown

Minneapolis

$328,529

St. Paul

Pop. 308K

Rochester

$342,187

Bloomington

$362,340

Brooklyn Park

$347,941

Plymouth

$509,531

Woodbury

$462,126

Lakeville

$485,324

Blaine

$381,495

Maple Grove

$424,047

St. Cloud

Pop. 70K

Eagan

$401,493

Burnsville

$368,875

Coon Rapids

$330,973

Eden Prairie

$502,326

Apple Valley

$376,085

Minnetonka

$485,327

Edina

$626,258

St. Louis Park

Pop. 50K

Shakopee

$404,615

Maplewood

$344,565

Cottage Grove

$398,619

Richfield

$346,827

Roseville

$376,637

Inver Grove Heights

$374,728

Andover

$442,081

Brooklyn Center

$297,804

Savage

$427,936

Fridley

$322,440

Chaska

$481,370

Oakdale

$357,984

Ramsey

$388,691

Prior Lake

$530,206

Shoreview

$412,359

Rosemount

$430,516

Owatonna

$298,885

Elk River

$399,244

Austin

$190,664

Chanhassen

$561,960

Winona

$262,085

Faribault

$305,393

White Bear Lake

$358,126

Farmington

$399,671

Champlin

$372,801

New Brighton

$382,053

Crystal

$317,553

Hastings

$382,842

Columbia Heights

$298,962

Golden Valley

$437,635

Lino Lakes

$455,684

New Hope

$349,790

Otsego

$427,788

Willmar

$243,378

West St. Paul

Pop. 21K

Forest Lake

$429,007

Northfield

$392,562

South St. Paul

Pop. 21K

Sartell

$336,145

Stillwater

$454,751

St. Michael

Pop. 19K

Browse all 494 Minnesota cities Compare every state →

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What to do next in Minnesota

If you are buying

Set the payment before the price. Start from what you can carry monthly, then work backwards with the affordability calculator — the typical Minnesota home is $1,873/mo in P&I today.
Pick the city, not the state. Values across Minnesota run from $170,959 in Fairmont to $1.15M in Orono.
Put two finalists head to head in the city comparison tool before you tour anything.
Fix the credit file before you shop the rate. A better score moves the payment more than haggling over price does at 7.03%.

If you are selling

Price against your city, not the statewide figure — the spread between Minnesota markets is wider than the year-over-year move in any of them.
Read the supply table above. At 2.3 months of supply, you still set the terms — but only if the home is priced to the comps on day one.
Watch days on market in your city, not the state. The statewide median was 25 days (Redfin, through May 2026); your city page carries its own.
Time the listing against new-listing volume. New listings are +2.4% year over year — less competition than a year ago.

Minnesota housing market questions

What is the typical home value in Minnesota?

The typical home value in Minnesota is $350,752 (Zillow, August 2026). That is a +2.5% change over the past 12 months. The median price of homes that actually sold was $372,300 (Redfin, through May 2026); sale prices skew toward whatever segment is transacting, which is why they differ from the typical-value figure.

Are Minnesota home prices going up or down?

Minnesota home values are up 2.5% year over year (Zillow, August 2026). Values are at or near their highest reading in the past two years.

How much income do you need to buy a home in Minnesota?

At the current 30-year fixed rate of 7.03%, a $350,752 home with 20.0% down carries roughly $1,873 a month in principal and interest. Using the 28% front-end ratio most lenders underwrite to, that implies a household income of about $80,271 before taxes, insurance, HOA dues, or mortgage insurance are added. Minnesota's median household income is $87,556 (Census ACS, 2023), a gap of $7,285 below the median household. These figures are illustrative, not a quote or a pre-approval.

Is it cheaper to rent or buy in Minnesota?

Typical asking rent across the largest Minnesota cities Zillow publishes rent data for is $1,697 a month (median of 80 cities, Zillow, August 2026). Against a typical home value of $350,752, that is a price-to-rent ratio of 17.2x. Ratios under about 15x generally favour buying if you plan to stay put; above about 20x, renting and investing the difference tends to win over short horizons. Principal and interest alone runs $176 more than that typical rent each month, before taxes, insurance, and maintenance.

Which Minnesota cities are the most affordable?

Among the largest cities we track in Minnesota, the lowest typical home values are in Fairmont ($170,959), Albert Lea ($182,805), Austin ($190,664), Fergus Falls ($205,415), Bemidji ($219,753). Values are Zillow's typical-home-value index for August 2026.

Which Minnesota cities are the most expensive?

The highest typical home values among the largest Minnesota cities are in Orono ($1.15M), North Oaks ($958,858), Wayzata ($945,012), Medina ($841,104), Shorewood ($828,641). Price per square foot, inventory, and days on market for each are on the individual city pages.

Which Minnesota cities are appreciating the fastest?

Over the past 12 months the largest home-value gains among Minnesota cities we track were in Orono (+6.7%), Worthington (+6.5%), New Ulm (+6.4%), Wayzata (+6.1%), Albert Lea (+5.8%). Fast appreciation usually reflects constrained supply, in-migration, or a small transaction base — check the individual city page before reading it as a trend.

How long do homes take to sell in Minnesota?

Homes in Minnesota spent a median of 25 days on market in the last month Redfin published (Redfin, through May 2026). That is 2 days slower than the same month a year earlier. The quickest market among the state's largest cities was Marshall at 5 days. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

How does Minnesota compare to neighboring states?

Minnesota's typical home value of $350,752 compares with Wisconsin at $339,699, Iowa at $239,547, North Dakota at $292,293. The U.S. typical home value is $368,697, putting Minnesota 4.9% below the national figure. Wisconsin and Iowa and North Dakota are cheaper on a typical-value basis.

Is now a good time to buy in Minnesota?

That depends on your timeline, not the headline. The measurable inputs today: a 30-year fixed rate of 7.03%, 2.3 months of supply statewide (Redfin, through May 2026), active listings +0.1% year over year, and home values +2.5% over the past year. Buyers with a five-year-plus horizon are mostly exposed to the payment, not the price, so the rate you can qualify for matters more than the month you buy. Properties Incorporated is an independent data platform, not a brokerage or lender — this is information, not advice.

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