States › Minnesota
State
Minnesota
87 counties with an index · 28 metro and micro areas · 583 ZIP codes · 244 permit-issuing places · 5,830,405 residents (2025 est.)
FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. The line is FHFA's standard quarterly all-transactions index; the comparison table uses FHFA's annual state index from the same family. The index does not give a dollar value for any home.
Minnesota's FHFA house price index starts in 1975. Through 2025 it has risen +804.1%; over the ten years to 2025 the rise was +71.4% (+5.5% a year), below the national +85.0%.
The quarterly index through 2026 Q2 is +3.0% on a year earlier and +1.6% on the quarter; nationally +3.0% and +1.1%.
The index peaked in 2006, fell −22.1% to 2012 and regained the peak in 2018; the national index fell −21.3% over 2007–2012.
22,158 housing units were authorised in Minnesota in the 12 months to August 2026, 3.8 per 1,000 residents against 4.1 nationally; that is +2.8% on the previous 12 months. 87 counties, 28 metro and micro areas, 583 ZIP codes and 244 permit-issuing places in the state have their own pages.
Same span, state and nation
| Change in the FHFA index | Minnesota | United States |
|---|---|---|
| 1 year (2024–2025) | +2.8% | +2.8% |
| 5 years (2020–2025) | +36.8% | +47.0% |
| 10 years (2015–2025) | +71.4% | +85.0% |
| 20 years (2005–2025) | +56.0% | +79.1% |
| Since 2000 | +126.5% | +158.3% |
| Since 1975 | +804.1% | +960.7% |
| 10-year annualised | +5.5% | +6.3% |
| 20-year annualised | +2.2% | +3.0% |
Decade by decade
| Decade | Change | United States | |
|---|---|---|---|
| 1980s (1980–1990) | +33.6% | +68.2% | |
| 1990s (1990–2000) | +62.6% | +33.9% | |
| 2000s (2000–2010) | +24.7% | +29.7% | |
| 2010s (2010–2020) | +32.9% | +35.5% | |
| 2020s so far (2020–2025) | +36.8% | +47.0% |
FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1975 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1975 are not shown.
Peak-to-low declines
| Peak | Low | Decline | Peak regained |
|---|---|---|---|
| 2006 | 2012 | −22.1% | 2018 |
| 1981 | 1982 | −12.0% | 1983 |
Purchase-only index
FHFA also publishes a purchase-only index, built from sales prices alone (no refinance appraisals). It starts in 1991 and is drawn here on its own base.
Counties
Ranked by ten-year change in FHFA's annual county index to 2025. Permits are housing units authorised in the 12 months to August 2026.
| County | 1 year | 10 years | Since 2000 | Units, 12 months | Per 1,000 | Index through |
|---|---|---|---|---|---|---|
| Lac qui Parle County | +23.1% | +107.4% | — | 5 | 0.7 | 2025 |
| Pine County | +3.9% | +99.2% | +135.2% | 236 | 7.7 | 2025 |
| Kanabec County | +0.6% | +98.7% | +129.6% | 51 | 3.1 | 2025 |
| Kittson County | +3.3% | +98.6% | — | 6 | 1.5 | 2025 |
| Mille Lacs County | +5.4% | +98.3% | +138.9% | 78 | 2.8 | 2025 |
| Morrison County | +2.4% | +97.4% | +161.6% | 183 | 5.3 | 2025 |
| Nobles County | +1.6% | +96.9% | +205.6% | 44 | 2.0 | 2025 |
| Crow Wing County | +4.7% | +96.0% | +151.2% | 663 | 9.6 | 2025 |
| Carlton County | +12.7% | +95.2% | +184.9% | 156 | 4.2 | 2025 |
| Chippewa County | +11.4% | +95.0% | +153.5% | 9 | 0.7 | 2025 |
| Lake County | +4.5% | +93.5% | +187.8% | 80 | 7.4 | 2025 |
| Murray County | +7.3% | +93.3% | +211.6% | 11 | 1.4 | 2025 |
| Wabasha County | +5.2% | +93.2% | +149.1% | 49 | 2.3 | 2025 |
| Meeker County | +5.3% | +92.1% | +146.6% | 63 | 2.7 | 2025 |
| Big Stone County | +3.1% | +91.7% | — | 2 | 0.4 | 2025 |
| Isanti County | +2.8% | +91.4% | +133.0% | 414 | 9.3 | 2025 |
| Cass County | +7.8% | +88.8% | +161.2% | 284 | 9.0 | 2025 |
| Mower County | +7.5% | +88.5% | +120.3% | 51 | 1.2 | 2025 |
| Steele County | +5.0% | +87.1% | +119.2% | 64 | 1.7 | 2025 |
| Chisago County | +2.3% | +87.0% | +124.1% | 205 | 3.5 | 2025 |
| Sherburne County | +2.1% | +86.6% | +122.9% | 295 | 2.8 | 2025 |
| Fillmore County | +1.5% | +85.2% | +127.3% | 63 | 2.9 | 2025 |
| Wadena County | +1.5% | +84.9% | +162.0% | 63 | 4.4 | 2025 |
| Wilkin County | +6.7% | +84.4% | +164.0% | 11 | 1.7 | 2025 |
| McLeod County | +0.2% | +84.1% | +119.9% | 292 | 8.0 | 2025 |
| Todd County | +2.5% | +83.9% | +166.5% | 77 | 3.0 | 2025 |
| Dodge County | +3.2% | +83.2% | +130.2% | 75 | 3.5 | 2025 |
| Houston County | +2.8% | +82.9% | +165.3% | 49 | 2.7 | 2025 |
| Aitkin County | +1.1% | +82.0% | +130.4% | 197 | 12.1 | 2025 |
| Pipestone County | +2.1% | +81.9% | +168.3% | 9 | 1.0 | 2025 |
| St. Louis County | +6.3% | +81.7% | +166.4% | 549 | 2.7 | 2025 |
| Rock County | +6.9% | +81.5% | +186.2% | 55 | 5.8 | 2025 |
| Olmsted County | +2.5% | +80.3% | +125.3% | 1,595 | 9.6 | 2025 |
| Le Sueur County | +3.9% | +80.0% | +125.6% | 65 | 2.2 | 2025 |
| Redwood County | +4.7% | +79.7% | +128.2% | 11 | 0.7 | 2025 |
| Hubbard County | +4.0% | +79.2% | +157.3% | 30 | 1.3 | 2025 |
| Freeborn County | +4.4% | +79.0% | +105.8% | 20 | 0.7 | 2025 |
| Douglas County | +5.0% | +78.9% | +170.8% | 325 | 8.1 | 2025 |
| Grant County | +9.6% | +78.8% | +123.3% | 7 | 1.2 | 2025 |
| Otter Tail County | +1.1% | +78.5% | +165.9% | 98 | 1.6 | 2025 |
| Goodhue County | +3.2% | +78.2% | +119.7% | 90 | 1.9 | 2025 |
| Anoka County | +2.4% | +78.0% | +123.9% | 667 | 1.7 | 2025 |
| Sibley County | +1.4% | +78.0% | +113.5% | 34 | 2.2 | 2025 |
| Becker County | +5.8% | +77.8% | +207.9% | 175 | 4.9 | 2025 |
| Benton County | +3.2% | +77.6% | +124.6% | 150 | 3.6 | 2025 |
| Renville County | +3.9% | +77.6% | +131.8% | 14 | 1.0 | 2025 |
| Wright County | +1.8% | +77.1% | +121.1% | 1,131 | 7.2 | 2025 |
| Pope County | +7.3% | +76.9% | +185.1% | 39 | 3.4 | 2025 |
| Faribault County | +9.7% | +76.2% | +122.1% | 4 | 0.3 | 2025 |
| Rice County | +4.3% | +76.1% | +111.6% | 99 | 1.4 | 2025 |
| Lincoln County | −6.3% | +75.9% | — | 14 | 2.5 | 2025 |
| Stearns County | +2.2% | +75.8% | +127.0% | 500 | 3.0 | 2025 |
| Waseca County | −0.9% | +74.9% | +122.6% | 64 | 3.4 | 2025 |
| Jackson County | +2.2% | +73.7% | +167.9% | 64 | 6.5 | 2025 |
| Traverse County | — | +72.9% | — | 5 | 1.6 | 2024 |
| Beltrami County | +5.0% | +72.7% | +160.8% | 182 | 3.9 | 2025 |
| Cook County | −7.6% | +72.4% | +172.0% | 67 | 12.1 | 2025 |
| Itasca County | +5.4% | +72.0% | +152.6% | 178 | 3.9 | 2025 |
| Winona County | +2.9% | +72.0% | +113.9% | 73 | 1.4 | 2025 |
| Martin County | +0.6% | +71.0% | +128.5% | 14 | 0.7 | 2025 |
| Ramsey County | +2.9% | +69.6% | +124.3% | 1,200 | 2.2 | 2025 |
| Koochiching County | +8.8% | +69.3% | +146.0% | 37 | 3.2 | 2025 |
| Blue Earth County | +4.7% | +68.8% | +121.0% | 502 | 7.1 | 2025 |
| Kandiyohi County | −0.9% | +68.7% | +139.6% | 71 | 1.6 | 2025 |
| Washington County | +1.8% | +68.7% | +120.1% | 1,591 | 5.5 | 2025 |
| Watonwan County | +0.4% | +68.7% | +109.3% | 11 | 1.0 | 2025 |
| Yellow Medicine County | −3.2% | +67.5% | +128.0% | 41 | 4.3 | 2025 |
| Brown County | +5.8% | +67.3% | +113.5% | 145 | 5.7 | 2025 |
| Clearwater County | +9.9% | +67.0% | — | 1 | 0.1 | 2025 |
| Norman County | −4.4% | +66.7% | — | 7 | 1.1 | 2025 |
| Scott County | +2.4% | +66.3% | +113.5% | 712 | 4.5 | 2025 |
| Carver County | +3.8% | +65.7% | +117.9% | 941 | 8.2 | 2025 |
| Swift County | +1.1% | +65.5% | +132.3% | 25 | 2.6 | 2025 |
| Hennepin County | +3.0% | +65.1% | +129.4% | 3,263 | 2.5 | 2025 |
| Dakota County | +1.5% | +64.3% | +113.4% | 2,791 | 6.1 | 2025 |
| Nicollet County | +3.3% | +64.3% | +121.6% | 151 | 4.4 | 2025 |
| Lake of the Woods County | −7.9% | +64.2% | — | 24 | 6.4 | 2025 |
| Mahnomen County | +17.7% | +64.2% | — | 0 | 0.0 | 2025 |
| Roseau County | −0.7% | +61.8% | +134.4% | 20 | 1.3 | 2025 |
| Lyon County | +5.0% | +60.9% | +111.9% | 30 | 1.2 | 2025 |
| Cottonwood County | +4.5% | +57.8% | +133.4% | 10 | 0.9 | 2025 |
| Clay County | +4.8% | +56.7% | +168.3% | 254 | 3.7 | 2025 |
| Polk County | +3.6% | +54.7% | +168.1% | 41 | 1.3 | 2025 |
| Stevens County | +4.9% | +52.4% | +139.9% | 51 | 5.2 | 2025 |
| Marshall County | +6.3% | +50.7% | — | 3 | 0.3 | 2025 |
| Red Lake County | — | +41.7% | — | 0 | 0.0 | 2025 |
| Pennington County | −1.1% | +32.9% | +131.2% | 132 | 9.6 | 2025 |
Metro and micropolitan areas
Areas with any county in Minnesota; multi-state areas appear under each of their states.
| Area | Type | 1 year | 10 years | Year to 2026 Q2 | Units, 12 months |
|---|---|---|---|---|---|
| Worthington, MN | Micro | +1.6% | +96.9% | — | 44 |
| Brainerd, MN | Micro | +5.6% | +93.8% | — | 947 |
| Austin, MN | Micro | +7.5% | +88.5% | — | 51 |
| Owatonna, MN | Micro | +5.0% | +87.1% | — | 64 |
| La Crosse-Onalaska, WI-MN | Metro | +4.2% | +85.8% | +5.0% | 578 |
| Duluth, MN-WI | Metro | +7.0% | +85.7% | +4.0% | 796 |
| Hutchinson, MN | Micro | +0.2% | +84.1% | — | 292 |
| Sioux Falls, SD-MN | Metro | +2.4% | +83.5% | +2.5% | 2,822 |
| Rochester, MN | Metro | +2.9% | +82.1% | +3.0% | 1,782 |
| Wahpeton, ND-MN | Micro | +8.2% | +82.1% | — | 49 |
| Albert Lea, MN | Micro | +4.4% | +79.0% | — | 20 |
| Alexandria, MN | Micro | +5.0% | +78.9% | — | 325 |
| Fergus Falls, MN | Micro | +1.1% | +78.5% | — | 98 |
| Red Wing, MN | Micro | +3.2% | +78.2% | — | 90 |
| Detroit Lakes, MN | Micro | +5.8% | +77.8% | — | 175 |
| St. Cloud, MN | Metro | +2.4% | +76.2% | +3.2% | 650 |
| Faribault-Northfield, MN | Micro | +4.3% | +76.1% | — | 99 |
| Bemidji, MN | Micro | +5.0% | +72.7% | — | 182 |
| Grand Rapids, MN | Micro | +5.4% | +72.0% | — | 178 |
| Winona, MN | Micro | +2.9% | +72.0% | — | 73 |
| Fairmont, MN | Micro | +0.6% | +71.0% | — | 14 |
| Minneapolis-St. Paul-Bloomington, MN-WI | Metro | +2.6% | +70.1% | +2.6% | 14,282 |
| Willmar, MN | Micro | −0.9% | +68.7% | — | 71 |
| Mankato, MN | Metro | +4.2% | +67.4% | +1.2% | 653 |
| New Ulm, MN | Micro | +5.8% | +67.3% | — | 145 |
| Marshall, MN | Micro | +5.0% | +60.9% | — | 30 |
| Fargo, ND-MN | Metro | +3.6% | +53.7% | +4.2% | 1,162 |
| Grand Forks, ND-MN | Metro | +5.0% | +46.2% | +7.2% | 272 |
Building permits
Housing units authorised in Minnesota by month, latest 60 monthssingle-family2+ unit buildings
Housing units authorised in Minnesota by year, 1995–2025single-family2+ unit buildings
Single-family share of the latest 12 months: 58% (63% nationally). Since 1995: 779,606 units.
Year by year
Each year's index change and permits, with every county's figures for that year.
| Year | Minnesota index | US index | Units permitted | Single-family |
|---|---|---|---|---|
| 2025 | +2.8% | +2.8% | 20,947 | 12,886 |
| 2024 | +3.7% | +4.9% | 20,913 | 13,420 |
| 2023 | +4.3% | +5.7% | 25,667 | 12,770 |
| 2022 | +12.1% | +15.5% | 31,126 | 13,483 |
| 2021 | +9.7% | +11.6% | 33,652 | 16,704 |
| 2020 | +2.7% | +3.0% | 28,148 | 14,707 |
| 2019 | +4.2% | +4.2% | 28,586 | 13,709 |
| 2018 | +5.7% | +5.7% | 25,673 | 13,574 |
| 2017 | +5.9% | +5.4% | 21,953 | 13,508 |
| 2016 | +4.7% | +5.3% | 21,449 | 12,071 |
| 2015 | +3.4% | +4.4% | 19,545 | 10,900 |
| 2014 | +5.7% | +6.2% | 16,990 | 10,689 |
| 2013 | +4.0% | +3.4% | 17,313 | 11,114 |
| 2012 | −1.4% | −1.8% | 16,095 | 9,197 |
| 2011 | −5.4% | −4.4% | 8,890 | 6,733 |
| 2010 | −6.1% | −5.1% | 9,840 | 7,053 |
| 2009 | −6.2% | −7.5% | 9,425 | 7,314 |
| 2008 | −4.4% | −4.5% | 11,551 | 8,908 |
| 2007 | −0.8% | +0.6% | 17,930 | 14,508 |
| 2006 | +2.8% | +6.6% | 26,352 | 20,901 |
| 2005 | +8.3% | +12.4% | 36,509 | 29,566 |
| 2004 | +8.8% | +9.2% | 41,843 | 32,580 |
| 2003 | +4.7% | +4.5% | 42,046 | 32,731 |
| 2002 | +7.9% | +5.4% | 38,977 | 28,631 |
| 2001 | +9.2% | +6.7% | 34,151 | 26,927 |
| 2000 | +12.3% | +8.3% | 32,814 | 25,549 |
| 1999 | +7.3% | +4.3% | 33,341 | 26,664 |
| 1998 | +4.7% | +3.7% | 30,443 | 25,011 |
| 1997 | +5.0% | +3.8% | 24,900 | 20,060 |
| 1996 | +4.2% | +3.2% | 27,043 | 22,085 |
| 1995 | +6.0% | +3.7% | 25,494 | 20,675 |
Cities issuing the most permits
Housing units authorised in the 12 months to August 2026; every place is listed on its county page.
- Rochester 1,487
- Lakeville 784
- Rosemount 644
- Cottage Grove 612
- Minneapolis 605
- Chanhassen 463
- Plymouth 458
- Mankato 450
- St. Paul 397
- Corcoran 375
- Shakopee 340
- Apple Valley 324
- St. Louis Park 316
- Shoreview 312
- St. Michael 293
- Inver Grove Heights 260
- Cambridge 253
- Vadnais Heights 251
- Woodbury 249
- Otsego 247
- Farmington 239
- Mendota Heights 234
- Hutchinson 230
- Crow Wing County Part Unincorporated Area 207
- Rogers 202
- Maple Grove 198
- Cass County Part Unincorporated Area 197
- Dayton 196
- Edina 196
- Alexandria 185
- Oakdale 183
- Waconia 172
- Aitkin County Unincorporated Area 166
- Brainerd 161
- Duluth 157
- Medina 139
- Bemidji township 134
- New Ulm 134
- Thief River Falls 131
- Lino Lakes 128
Questions and answers
How much have home values in Minnesota risen over 10 years?
The FHFA index rose +71.4% between 2015 and 2025, +5.5% a year; over 20 years +56.0% and since 2000 +126.5%. Nationally: +85.0%, +79.1% and +158.3%.
Which Minnesota counties rose most over 10 years?
Lac qui Parle County (+107.4%), Pine County (+99.2%) and Kanabec County (+98.7%), by FHFA's annual county index to 2025.
What happened to Minnesota home prices in 2008?
The state index peaked in 2006, fell −22.1% to 2012 and regained its peak in 2018.
How many homes are being built in Minnesota?
22,158 units were authorised in the 12 months to August 2026: 12,841 single-family and 9,317 in multi-unit buildings, 3.8 per 1,000 residents.
Where does this data come from?
FHFA's quarterly all-transactions state index (through 2026 Q2) and annual state index (updated March 31, 2026); the Census Bureau's Building Permits Survey state and county files through August 2026; vintage 2025 population estimates.
Provenance
Index: Federal Housing Finance Agency, quarterly all-transactions and purchase-only state indexes through 2026 Q2 and annual state index (updated March 31, 2026). Permits: Census Bureau Building Permits Survey state, county and place files through August 2026. Population: Census Bureau vintage 2025 estimates. Public domain. Corrections · FHFA HPI datasets.