Market Overview
Home Prices in Callaway, MN
The median home value in Callaway, MN is $271,707 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.3% compared to a year ago and up 1.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Callaway are priced34% below average.
Over the past five years, Callaway home values have risen by approximately33.1%, reflecting strong long-term appreciation in this market.
Price History
Callaway Home Price Trend
2020
$171,336
$171K
—
2021
$204,148
$204K
+19.2%
2022
$227,220
$227K
+11.3%
2023
$241,049
$241K
+6.1%
2024
$246,587
$247K
+2.3%
2025
$250,879
$251K
+1.7%
2026
$271,707
$272K
+8.3%
City Comparison
Callaway vs. National Median
🏠 Callaway
$271,707
National Median
$410,000
At $271,707, homes in Callaway cost 34% below the national median of $410,000. This makes Callaway a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Callaway?
20% Down Payment
$54,341
on $271,707
Monthly P&I
$1,417/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,800/mo
incl. taxes & insurance
Income Needed
$72,000
gross annual (30% rule)
10% Down Option
$27,171
+ PMI applies
Loan Amount (20% dn)
$217,366
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Callaway, MN?
The median home value in Callaway is $271,707 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.3% year-over-year.
How much have home prices changed in Callaway?
Over the past year, home values in Callaway have increased by 8.3%. Over five years, prices have risen approximately 33.1%.
How much do I need to earn to buy a home in Callaway?
To comfortably afford the median home price of $271,707 with a 20% down payment ($54,341) at today's rates (6.8%), you'd need a gross annual income of approximately $72,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Callaway compare to the national average home price?
The national median home value is approximately $410,000. At $271,707, homes in Callaway are 34% below the national average.