Home Values Rising in Minnesota Amid Coronavirus Crisis
See how the housing market is doing in the North Star State during COVID-19.
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Current home values in Minnesota
Home values have been rising throughout Minnesota and are up 9.0% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $397,629, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Minnesota: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $397,629 home at 3.33% would give a typical Minnesota homebuyer a monthly payment of $1,398, assuming a 20% down payment.
How the Minnesota housing market stacks up
Minnesota families can take a day to go enjoy the water
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Minnesota, they're predicted to rise 5%.
Homes right now are going on the market in Minnesota at a median price of $151 per square foot, versus $134 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 |
|---|---|
| 2020* | $262,599 |
| 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 |
*2020 price average through March 31, 2020.
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 |
|---|---|
| 2020* | $376,510 |
| 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 |
*2020 price average through March 31, 2020.
