Market Overview
Home Prices in Elk River, MN
The median home value in Elk River, MN is $401,290 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 1.9% compared to a year ago and up 1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Elk River are priced2% below average. Elk River is part of the Minneapolis-St. Paul-Bloomington, MN-WI metro area.
Over the past five years, Elk River home values have risen by approximately16.9%, reflecting steady appreciation in this market.
Price History
Elk River Home Price Trend
City Comparison
Elk River vs. National Median
At $401,290, homes in Elk River cost 2% below the national median of $410,000. This makes Elk River a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Elk River?
20% Down Payment
$80,258
on $401,290
Monthly P&I
$2,093/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,658/mo
incl. taxes & insurance
Income Needed
$106,320
gross annual (30% rule)
10% Down Option
$40,129
+ PMI applies
Loan Amount (20% dn)
$321,032
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 Elk River, MN?
The median home value in Elk River is $401,290 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 1.9% year-over-year.
How much have home prices changed in Elk River?
Over the past year, home values in Elk River have increased by 1.9%. Over five years, prices have risen approximately 16.9%.
How much do I need to earn to buy a home in Elk River?
To comfortably afford the median home price of $401,290 with a 20% down payment ($80,258) at today's rates (6.8%), you'd need a gross annual income of approximately $106,320. This assumes keeping total housing costs at or below 30% of gross income.
How does Elk River compare to the national average home price?
The national median home value is approximately $410,000. At $401,290, homes in Elk River are 2% below the national average.
What metro area is Elk River part of?
Elk River is part of the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.