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Current home values in Minnesota

Home values have been rising throughout Minnesota and are up 4.97% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $238,800 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home value for Minnesota at $238,800 , a representative monthly mortgage payment would be $1,097.81.

How the Minnesota housing market stacks up

Minneapolis, Minnesota at sunset on the Mississippi river.
CK Foto / Shutterstock
Minneapolis, Minnesota at sunset on the Mississippi river.

Property values in Minnesota are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Minnesota, they're expected to rise 2.34%.

Homes are going on the market in Minnesota at a median price of $184 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Minnesota home prices over the last 10 years

Year Avg. Price
2019* $240,913
2018 $230,333
2017 $215,983
2016 $199,008
2015 $185,975
2014 $177,083
2013 $165,650
2012 $153,075
2011 $153,317
2010 $166,417
2009 $173,092

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Minnesota is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $460,000
2018 $440,000
2017 $415,000
2016 $385,000
2015 $365,000
2014 $350,000
2013 $325,000
2012 $300,000
2011 $295,000
2010 $330,000
2009 $332,500

*2019 price average through August 2019.