Market Overview
Home Prices in Canyon, MN
The median home value in Canyon, MN is $278,519 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.4% compared to a year ago and up 1.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Canyon are priced32% below average. Canyon is part of the Duluth, MN-WI metro area.
Over the past five years, Canyon home values have risen by approximately27.2%, reflecting strong long-term appreciation in this market.
Price History
Canyon Home Price Trend
City Comparison
Canyon vs. National Median
At $278,519, homes in Canyon cost 32% below the national median of $410,000. This makes Canyon a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Canyon?
20% Down Payment
$55,704
on $278,519
Monthly P&I
$1,453/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,845/mo
incl. taxes & insurance
Income Needed
$73,800
gross annual (30% rule)
10% Down Option
$27,852
+ PMI applies
Loan Amount (20% dn)
$222,815
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 Canyon, MN?
The median home value in Canyon is $278,519 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.4% year-over-year.
How much have home prices changed in Canyon?
Over the past year, home values in Canyon have increased by 6.4%. Over five years, prices have risen approximately 27.2%.
How much do I need to earn to buy a home in Canyon?
To comfortably afford the median home price of $278,519 with a 20% down payment ($55,704) at today's rates (6.8%), you'd need a gross annual income of approximately $73,800. This assumes keeping total housing costs at or below 30% of gross income.
How does Canyon compare to the national average home price?
The national median home value is approximately $410,000. At $278,519, homes in Canyon are 32% below the national average.
What metro area is Canyon part of?
Canyon is part of the Duluth, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.