Market Overview
Home Prices in Melrose, MN
The median home value in Melrose, MN is $244,472 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.1% compared to a year ago and up 4.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Melrose are priced40% below average. Melrose is part of the St. Cloud, MN metro area.
Over the past five years, Melrose home values have risen by approximately31.4%, reflecting strong long-term appreciation in this market.
Price History
Melrose Home Price Trend
City Comparison
Melrose vs. National Median
At $244,472, homes in Melrose cost 40% below the national median of $410,000. This makes Melrose a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Melrose?
20% Down Payment
$48,894
on $244,472
Monthly P&I
$1,275/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,619/mo
incl. taxes & insurance
Income Needed
$64,760
gross annual (30% rule)
10% Down Option
$24,447
+ PMI applies
Loan Amount (20% dn)
$195,578
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 Melrose, MN?
The median home value in Melrose is $244,472 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.1% year-over-year.
How much have home prices changed in Melrose?
Over the past year, home values in Melrose have increased by 2.1%. Over five years, prices have risen approximately 31.4%.
How much do I need to earn to buy a home in Melrose?
To comfortably afford the median home price of $244,472 with a 20% down payment ($48,894) at today's rates (6.8%), you'd need a gross annual income of approximately $64,760. This assumes keeping total housing costs at or below 30% of gross income.
How does Melrose compare to the national average home price?
The national median home value is approximately $410,000. At $244,472, homes in Melrose are 40% below the national average.
What metro area is Melrose part of?
Melrose is part of the St. Cloud, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.