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.
Stop overpaying for home insurance
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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.
Need cash? Tap into your home equity
As home prices have increased, the average homeowner is sitting on a record amount of home equity. Savvy homeowners are tapping into their equity to consolidate debt, pay for home improvements, or tackle unexpected expenses. Rocket Mortgage, the nation's largest mortgage lender, offers competitive rates and expert guidance.
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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.
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