Market Overview
Home Prices in Lutsen, MN
The median home value in Lutsen, MN is $515,150 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.5% compared to a year ago and up 5.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lutsen are priced26% above average.
Over the past five years, Lutsen home values have risen by approximately47.6%, reflecting strong long-term appreciation in this market.
Price History
Lutsen Home Price Trend
2020
$306,437
$306K
—
2021
$349,052
$349K
+13.9%
2022
$415,391
$415K
+19.0%
2023
$441,799
$442K
+6.4%
2024
$472,888
$473K
+7.0%
2025
$497,760
$498K
+5.3%
2026
$515,150
$515K
+3.5%
City Comparison
Lutsen vs. National Median
🏠 Lutsen
$515,150
National Median
$410,000
At $515,150, homes in Lutsen cost 26% above the national median of $410,000. Buyers in Lutsen should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Lutsen?
20% Down Payment
$103,030
on $515,150
Monthly P&I
$2,687/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,412/mo
incl. taxes & insurance
Income Needed
$136,480
gross annual (30% rule)
10% Down Option
$51,515
+ PMI applies
Loan Amount (20% dn)
$412,120
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 Lutsen, MN?
The median home value in Lutsen is $515,150 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.5% year-over-year.
How much have home prices changed in Lutsen?
Over the past year, home values in Lutsen have increased by 3.5%. Over five years, prices have risen approximately 47.6%.
How much do I need to earn to buy a home in Lutsen?
To comfortably afford the median home price of $515,150 with a 20% down payment ($103,030) at today's rates (6.8%), you'd need a gross annual income of approximately $136,480. This assumes keeping total housing costs at or below 30% of gross income.
How does Lutsen compare to the national average home price?
The national median home value is approximately $410,000. At $515,150, homes in Lutsen are 26% above the national average.