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Home appreciation in Minnesota
Minnesota's FHFA HPI® all-transactions index changed +3.0% over the year to Q2 2026, versus +3.0% nationally, ranking 31st of 51 states and D.C. Below, compare its 16 3-digit ZIP regions and 9 metro areas.
- 1-year change
- +3.0%
- 5-year change
- +31.2%
- Since Q1 1995
- +275%
- State rank (1 year)
- 31st
U.S. +3.0%
45th of 51
U.S. +292%
of 51 states and D.C.
Minnesota vs the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Minnesota: 375.3
- United States: 391.6
Minnesota appreciation by time window
| Window | MN | U.S. | Gap vs U.S. |
|---|---|---|---|
| 1 year | +3.0% | +3.0% | −0.1 pts |
| 3 years | +10.3% | +12.9% | −2.5 pts |
| 5 years | +31.2% | +41.3% | −10.1 pts |
| 10 years | +76.2% | +93.3% | −17.2 pts |
| Since Q1 1995 | +275% | +292% | −16.3 pts |
3-digit ZIP regions in Minnesota
Fastest-appreciating ZIP codes in Minnesota →Sorted by one-year change. 9 of 16 regions beat the national one-year change of +3.0%. Place labels name the largest community in each region.
| # | 3-digit ZIP region | 1 year | 5 years | 10 years | Since Q1 1995 |
|---|---|---|---|---|---|
| 1 | 565 · Moorhead, MN area | +6.9% | +42.2% | +76.0% | +313% |
| 2 | 557 · Hibbing, MN area | +5.5% | +53.7% | +97.9% | +337% |
| 3 | 564 · Brainerd, MN area | +4.5% | +52.9% | +107% | +376% |
| 4 | 563 · St. Cloud, MN area | +4.4% | +40.0% | +86.4% | +287% |
| 5 | 556 · Two Harbors, MN area | +3.8% | +42.5% | +88.5% | +286% |
| 6 | 561 · Worthington, MN area | +3.8% | +42.5% | +88.5% | +286% |
| 7 | 567 · East Grand Forks, MN area | +3.8% | +42.5% | +88.5% | +286% |
| 8 | 562 · Willmar, MN area | +3.3% | +42.8% | +81.0% | +260% |
| 9 | 559 · Rochester, MN area | +3.1% | +35.4% | +84.4% | +258% |
| 10 | 560 · Mankato, MN area | +3.0% | +35.4% | +78.3% | +249% |
| 11 | 553 · Maple Grove, MN area | +2.8% | +30.1% | +73.8% | +254% |
| 12 | 551 · St. Paul, MN area | +2.7% | +25.5% | +69.7% | +260% |
| 13 | 558 · Duluth, MN area | +2.3% | +42.0% | +91.0% | +348% |
| 14 | 554 · Minneapolis, MN area | +2.1% | +23.7% | +70.0% | +296% |
| 15 | 550 · Lakeville, MN area | +1.8% | +29.3% | +75.4% | +251% |
| 16 | 566 · Bemidji, MN area | -1.5% | +39.4% | +79.6% | +258% |
Metro areas in Minnesota
| Metro area | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|
| Grand Forks, ND-MN | +7.2% | +35.0% | +251% |
| La Crosse-Onalaska, WI-MN | +5.0% | +50.0% | +304% |
| Fargo, ND-MN | +4.2% | +35.6% | +265% |
| Duluth, MN-WI | +4.0% | +48.8% | +353% |
| St. Cloud, MN | +3.2% | +35.9% | +256% |
| Rochester, MN | +3.0% | +32.6% | +256% |
| Minneapolis-St. Paul-Bloomington, MN-WI | +2.6% | +27.3% | +268% |
| Sioux Falls, SD-MN | +2.5% | +36.3% | +266% |
| Mankato, MN | +1.2% | +30.8% | +233% |
Boom, bust, and recovery in Minnesota
Minnesota's index peaked in Q1 2007, fell 21.8% to its low in Q2 2012, and regained its peak in Q3 2017, about 10.5 years after the top. Today it sits +65.5% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| MN | Q1 2007 | Q2 2012 | -21.8% | Q3 2017 (10.5 yrs) | +65.5% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Minnesota's index has changed +69.5% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | MN after inflation | U.S. after inflation |
|---|---|---|---|
| 1 year | +3.9% | -0.9% | -0.8% |
| 3 years | +9.8% | +0.5% | +2.8% |
| 5 years | +24.0% | +5.8% | +13.9% |
| 10 years | +39.1% | +26.7% | +39.0% |
| Since Q1 1995 | +121% | +69.5% | +76.8% |
If you bought in Minnesota in…
An example $300,000 purchase grown at the statewide index rate to Q2 2026. Local markets within the state vary widely.
| Bought in | Index change | $300,000 then, at the state rate |
|---|---|---|
| Q2 1995 | +268% | $1,104,726 |
| Q2 2000 | +165% | $794,901 |
| Q2 2005 | +73.2% | $519,539 |
| Q2 2010 | +99.5% | $598,497 |
| Q2 2015 | +84.3% | $552,961 |
| Q2 2020 | +45.9% | $437,711 |
| Q2 2021 | +31.2% | $393,606 |
| Q2 2023 | +10.3% | $330,991 |
| Q2 2025 | +3.0% | $308,897 |
Frequently asked questions
- How much have home prices gone up in Minnesota?
- FHFA HPI® data for Minnesota shows the all-transactions index changed +3.0% over the year to Q2 2026, +31.2% over five years, +76.2% over ten years, and +275% since Q1 1995.
- Is Minnesota appreciating faster than the national average?
- Over the past year Minnesota's index moved −0.1 pts versus the U.S. (+3.0%), ranking 31st of 51 states and D.C. Over five years the gap is −10.1 pts.
- Which ZIP codes in Minnesota are appreciating fastest?
- Over the past year the strongest of 16 3-digit ZIP regions in Minnesota was ZIP3 565 (Moorhead, MN area) at +6.9%, and the weakest was ZIP3 566 (Bemidji, MN area) at -1.5%. 9 of 16 beat the national one-year change.