Market Overview
Home Prices in Fairfax, MN
The median home value in Fairfax, MN is $186,872 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 9.6% compared to a year ago and down 1.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Fairfax are priced54% below average. Fairfax is part of the Mankato, MN metro area.
Over the past five years, Fairfax home values have risen by approximately27.9%, reflecting strong long-term appreciation in this market.
Price History
Fairfax Home Price Trend
City Comparison
Fairfax vs. National Median
At $186,872, homes in Fairfax cost 54% below the national median of $410,000. This makes Fairfax a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Fairfax?
20% Down Payment
$37,374
on $186,872
Monthly P&I
$975/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,238/mo
incl. taxes & insurance
Income Needed
$49,520
gross annual (30% rule)
10% Down Option
$18,687
+ PMI applies
Loan Amount (20% dn)
$149,498
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 Fairfax, MN?
The median home value in Fairfax is $186,872 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 9.6% year-over-year.
How much have home prices changed in Fairfax?
Over the past year, home values in Fairfax have increased by 9.6%. Over five years, prices have risen approximately 27.9%.
How much do I need to earn to buy a home in Fairfax?
To comfortably afford the median home price of $186,872 with a 20% down payment ($37,374) at today's rates (6.8%), you'd need a gross annual income of approximately $49,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Fairfax compare to the national average home price?
The national median home value is approximately $410,000. At $186,872, homes in Fairfax are 54% below the national average.
What metro area is Fairfax part of?
Fairfax is part of the Mankato, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.