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

Mother and kids on a lake
Stevie Skjold / Shutterstock
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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."