Market Overview
Home Prices in Montevideo, MN
The median home value in Montevideo, MN is $214,952 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.1% compared to a year ago and up 2.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Montevideo are priced48% below average.
Over the past five years, Montevideo home values have risen by approximately36.4%, reflecting strong long-term appreciation in this market.
Price History
Montevideo Home Price Trend
2020
$135,365
$135K
—
2021
$157,602
$158K
+16.4%
2022
$186,114
$186K
+18.1%
2023
$183,889
$184K
-1.2%
2024
$194,269
$194K
+5.6%
2025
$198,834
$199K
+2.3%
2026
$214,952
$215K
+8.1%
City Comparison
Montevideo vs. National Median
🏠 Montevideo
$214,952
National Median
$410,000
At $214,952, homes in Montevideo cost 48% below the national median of $410,000. This makes Montevideo a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Montevideo?
20% Down Payment
$42,990
on $214,952
Monthly P&I
$1,121/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,424/mo
incl. taxes & insurance
Income Needed
$56,960
gross annual (30% rule)
10% Down Option
$21,495
+ PMI applies
Loan Amount (20% dn)
$171,962
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 Montevideo, MN?
The median home value in Montevideo is $214,952 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.1% year-over-year.
How much have home prices changed in Montevideo?
Over the past year, home values in Montevideo have increased by 8.1%. Over five years, prices have risen approximately 36.4%.
How much do I need to earn to buy a home in Montevideo?
To comfortably afford the median home price of $214,952 with a 20% down payment ($42,990) at today's rates (6.8%), you'd need a gross annual income of approximately $56,960. This assumes keeping total housing costs at or below 30% of gross income.
How does Montevideo compare to the national average home price?
The national median home value is approximately $410,000. At $214,952, homes in Montevideo are 48% below the national average.