Minnesota housing market
Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$348,778+2.3% YoY · prices are rising
Market right nowBuyer's marketMore homes for sale than last year, 22% have cut their price
Income needed to buy, per year$75,608About 0.9× the local median income ($87,120): affordable for a typical household
Days on market51 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+1.9%Zillow expects prices to rise slightly
The typical home in Minnesota is worth $348,778, up 2.3% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $320,493, so the area is 8.8% overvalued. It is a buyer's market: homes take about 51 days to sell, listings are up 31% from a year ago, 22% of listings have had a price cut. Zillow expects prices to rise about 1.9% over the next year. A household needs about $75,608 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 $87,120. In the latest IRS figures, 8,596 more people moved out than in.
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 | $348,778 |
| Change in 1 year | +2.3% |
| Overvalued % | +8.8% |
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| Fair home value | $320,493 |
| Change in 5 years | +14.1% |
| Zillow forecast, next 12 months | +1.9% |
| Home value to income | 4.0× |
| Monthly mortgage payment (20% down) | $1,890 |
| Income needed to afford it | $75,608 |
| Property tax rate | 1.02% |
Rent and investing
| HUD Fair Market Rent, 2 bedrooms | $1,509 |
Market activity
| Listings vs a year ago | +30.6% |
| Days on market | 51 |
| Listings with a price cut | 21.8% |
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| Homes for sale | 19,462 |
| Pending sales per 100 listings | 26 |
| Asking price per sq ft | $195 |
People and jobs
| Median household income | $87,120 |
| Population change (1 year) | +0.6% |
| Unemployment rate | 4.1% |
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| Population | 5,830,405 |
| Income adjusted for cost of living | $88,357 |
| Net moves in (IRS) | −8,596 |
| Cost of living (US = 100) | 98.6 |
Schools, risk and environment
| FEMA hazard risk score (0 to 100) | 76.6 |
| Unhealthy air days a year | 9 |
| Flood risk score | 79.3 |
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| Wildfire risk score | 57.5 |
| Walkability (1 to 20) | 9.1 |
| Road, rail and air noise | 53 dB |
Questions people ask
- Is Minnesota overvalued?
- Home prices in Minnesota are slightly above what local incomes have historically supported: fair value is about $320,493, so the area is 8.8% overvalued.
- Is Minnesota a buyer's or seller's market?
- Minnesota is a buyer's market: homes take about 51 days to sell, listings are up 31% from a year ago, 22% of listings have had a price cut.
- Are home prices going down in Minnesota?
- Home values in Minnesota are up 2.3% over the last year. Zillow's forecast for the next 12 months is +1.9%.
- How much do you need to earn to buy a home in Minnesota?
- A household needs about $75,608 a year to afford the typical home in Minnesota at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $87,120.
Metro areas
Minneapolis-St. Paul-Bloomington, MN-WISioux Falls, SD-MNDuluth, MN-WIFargo, ND-MNRochester, MNSt. Cloud, MNLa Crosse-Onalaska, WI-MNGrand Forks, ND-MNMankato, MN
Counties
Aitkin CountyAnoka CountyBecker CountyBeltrami CountyBenton CountyBig Stone CountyBlue Earth CountyBrown CountyCarlton CountyCarver CountyCass CountyChippewa CountyChisago CountyClay CountyClearwater CountyCook CountyCottonwood CountyCrow Wing CountyDakota CountyDodge CountyDouglas CountyFaribault CountyFillmore CountyFreeborn CountyGoodhue CountyGrant CountyHennepin CountyHouston CountyHubbard CountyIsanti CountyItasca CountyJackson CountyKanabec CountyKandiyohi CountyKittson CountyKoochiching CountyLac Qui Parle CountyLake CountyLake of the Woods CountyLe Sueur CountyLincoln CountyLyon CountyMahnomen CountyMarshall CountyMartin CountyMcLeod CountyMeeker CountyMille Lacs CountyMorrison CountyMower CountyMurray CountyNicollet CountyNobles CountyNorman CountyOlmsted CountyOtter Tail CountyPennington CountyPine CountyPipestone CountyPolk CountyPope CountyRamsey CountyRed Lake CountyRedwood CountyRenville CountyRice CountyRock CountyRoseau CountySaint Louis CountyScott CountySherburne CountySibley CountyStearns CountySteele CountyStevens CountySwift CountyTodd CountyTraverse CountyWabasha CountyWadena CountyWaseca CountyWashington CountyWatonwan CountyWilkin CountyWinona CountyWright CountyYellow Medicine County