Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$293,327+2.1% YoY · prices are rising
Market right nowBalanced, leaning buyersMore homes for sale than last year, 19% have cut their price
Income needed to buy, per year$63,587About 0.8× the local median income ($83,225): affordable for a typical household
Days on market53 daysAbout the same pace as a year ago
The typical home in Steele County, MN is worth $293,327, up 2.1% from a year ago. That is well above what local incomes have historically supported: fair value is about $254,820, so the area is 15.1% overvalued. It is a balanced market, leaning toward buyers: homes take about 53 days to sell, listings are up 37% from a year ago, 19% of listings have had a price cut. A household needs about $63,587 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $83,225. Typical rent is $1,068 a month. In the latest IRS figures, 51 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$293,327
Change in 1 year
+2.1%
Overvalued %
+15.1%
Show 6 more
Fair home value
$254,820
Change in 5 years
+23.2%
Home value to income
3.5×
Monthly mortgage payment (20% down)
$1,590
Income needed to afford it
$63,587
Property tax rate
1.21%
Rent and investing
Typical rent
$1,068
Price-to-rent ratio
22.9×
HUD Fair Market Rent, 2 bedrooms
$1,244
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Gross rental yield
4.37%
Cap rate (estimate)
2.84%
Market activity
Listings vs a year ago
+36.8%
Days on market
53
Listings with a price cut
19.4%
Show 3 more
Homes for sale
130
Pending sales per 100 listings
25
Asking price per sq ft
$162
People and jobs
Median household income
$83,225
Population change (1 year)
+0.0%
Unemployment rate
3.4%
Show 4 more
Population
37,464
Income adjusted for cost of living
$96,886
Net moves in (IRS)
+51
Cost of living (US = 100)
85.9
Schools, risk and environment
School rating (1 to 10)
6.2
FEMA hazard risk score (0 to 100)
37.2
Flood risk score
42.2
Show 3 more
Wildfire risk score
10.5
Walkability (1 to 20)
6.6
Road, rail and air noise
52 dB
Questions people ask
Is Steele County, MN overvalued?
Home prices in Steele County, MN are well above what local incomes have historically supported: fair value is about $254,820, so the area is 15.1% overvalued.
Is Steele County, MN a buyer's or seller's market?
Steele County, MN is a balanced market, leaning toward buyers: homes take about 53 days to sell, listings are up 37% from a year ago, 19% of listings have had a price cut.
Are home prices going down in Steele County, MN?
Home values in Steele County, MN are up 2.1% over the last year.
How much do you need to earn to buy a home in Steele County, MN?
A household needs about $63,587 a year to afford the typical home in Steele County, MN at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $83,225.