Market Overview
Home Prices in Fairmont, MN
The median home value in Fairmont, MN is $177,013 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.9% compared to a year ago and up 3.8% from two years prior.
Compared to the U.S. national median of $410,000, homes in Fairmont are priced57% below average. Fairmont is part of the Fairmont, MN metro area.
Over the past five years, Fairmont home values have risen by approximately31.2%, reflecting strong long-term appreciation in this market.
Price History
Fairmont Home Price Trend
City Comparison
Fairmont vs. National Median
At $177,013, homes in Fairmont cost 57% below the national median of $410,000. This makes Fairmont a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Fairmont?
20% Down Payment
$35,403
on $177,013
Monthly P&I
$923/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,172/mo
incl. taxes & insurance
Income Needed
$46,880
gross annual (30% rule)
10% Down Option
$17,701
+ PMI applies
Loan Amount (20% dn)
$141,610
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 Fairmont, MN?
The median home value in Fairmont is $177,013 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.9% year-over-year.
How much have home prices changed in Fairmont?
Over the past year, home values in Fairmont have increased by 2.9%. Over five years, prices have risen approximately 31.2%.
How much do I need to earn to buy a home in Fairmont?
To comfortably afford the median home price of $177,013 with a 20% down payment ($35,403) at today's rates (6.8%), you'd need a gross annual income of approximately $46,880. This assumes keeping total housing costs at or below 30% of gross income.
How does Fairmont compare to the national average home price?
The national median home value is approximately $410,000. At $177,013, homes in Fairmont are 57% below the national average.
What metro area is Fairmont part of?
Fairmont is part of the Fairmont, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.