Market Overview
Home Prices in Elbow Lake, MN
The median home value in Elbow Lake, MN is $210,102 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.2% compared to a year ago and up 3.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Elbow Lake are priced49% below average.
Over the past five years, Elbow Lake home values have risen by approximately31.6%, reflecting strong long-term appreciation in this market.
Price History
Elbow Lake Home Price Trend
2020
$135,862
$136K
—
2021
$159,599
$160K
+17.5%
2022
$188,948
$189K
+18.4%
2023
$190,075
$190K
+0.6%
2024
$193,741
$194K
+1.9%
2025
$199,674
$200K
+3.1%
2026
$210,102
$210K
+5.2%
City Comparison
Elbow Lake vs. National Median
🏠 Elbow Lake
$210,102
National Median
$410,000
At $210,102, homes in Elbow Lake cost 49% below the national median of $410,000. This makes Elbow Lake a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Elbow Lake?
20% Down Payment
$42,020
on $210,102
Monthly P&I
$1,096/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,392/mo
incl. taxes & insurance
Income Needed
$55,680
gross annual (30% rule)
10% Down Option
$21,010
+ PMI applies
Loan Amount (20% dn)
$168,082
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 Elbow Lake, MN?
The median home value in Elbow Lake is $210,102 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.2% year-over-year.
How much have home prices changed in Elbow Lake?
Over the past year, home values in Elbow Lake have increased by 5.2%. Over five years, prices have risen approximately 31.6%.
How much do I need to earn to buy a home in Elbow Lake?
To comfortably afford the median home price of $210,102 with a 20% down payment ($42,020) at today's rates (6.8%), you'd need a gross annual income of approximately $55,680. This assumes keeping total housing costs at or below 30% of gross income.
How does Elbow Lake compare to the national average home price?
The national median home value is approximately $410,000. At $210,102, homes in Elbow Lake are 49% below the national average.