Market Overview
Home Prices in Cannon Falls, MN
The median home value in Cannon Falls, MN is $295,324 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.7% compared to a year ago and up 3.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Cannon Falls are priced28% below average. Cannon Falls is part of the Red Wing, MN metro area.
Over the past five years, Cannon Falls home values have risen by approximately22.7%, reflecting strong long-term appreciation in this market.
Price History
Cannon Falls Home Price Trend
City Comparison
Cannon Falls vs. National Median
At $295,324, homes in Cannon Falls cost 28% below the national median of $410,000. This makes Cannon Falls a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Cannon Falls?
20% Down Payment
$59,065
on $295,324
Monthly P&I
$1,540/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,956/mo
incl. taxes & insurance
Income Needed
$78,240
gross annual (30% rule)
10% Down Option
$29,532
+ PMI applies
Loan Amount (20% dn)
$236,259
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 Cannon Falls, MN?
The median home value in Cannon Falls is $295,324 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.7% year-over-year.
How much have home prices changed in Cannon Falls?
Over the past year, home values in Cannon Falls have increased by 2.7%. Over five years, prices have risen approximately 22.7%.
How much do I need to earn to buy a home in Cannon Falls?
To comfortably afford the median home price of $295,324 with a 20% down payment ($59,065) at today's rates (6.8%), you'd need a gross annual income of approximately $78,240. This assumes keeping total housing costs at or below 30% of gross income.
How does Cannon Falls compare to the national average home price?
The national median home value is approximately $410,000. At $295,324, homes in Cannon Falls are 28% below the national average.
What metro area is Cannon Falls part of?
Cannon Falls is part of the Red Wing, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.