Market Overview
Home Prices in New Richland, MN
The median home value in New Richland, MN is $270,503 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6% compared to a year ago and up 6.8% from two years prior.
Compared to the U.S. national median of $410,000, homes in New Richland are priced34% below average. New Richland is part of the Albert Lea, MN metro area.
Over the past five years, New Richland home values have risen by approximately35.3%, reflecting strong long-term appreciation in this market.
Price History
New Richland Home Price Trend
City Comparison
New Richland vs. National Median
At $270,503, homes in New Richland cost 34% below the national median of $410,000. This makes New Richland a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in New Richland?
20% Down Payment
$54,101
on $270,503
Monthly P&I
$1,411/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,792/mo
incl. taxes & insurance
Income Needed
$71,680
gross annual (30% rule)
10% Down Option
$27,050
+ PMI applies
Loan Amount (20% dn)
$216,402
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 New Richland, MN?
The median home value in New Richland is $270,503 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6% year-over-year.
How much have home prices changed in New Richland?
Over the past year, home values in New Richland have increased by 6%. Over five years, prices have risen approximately 35.3%.
How much do I need to earn to buy a home in New Richland?
To comfortably afford the median home price of $270,503 with a 20% down payment ($54,101) at today's rates (6.8%), you'd need a gross annual income of approximately $71,680. This assumes keeping total housing costs at or below 30% of gross income.
How does New Richland compare to the national average home price?
The national median home value is approximately $410,000. At $270,503, homes in New Richland are 34% below the national average.
What metro area is New Richland part of?
New Richland is part of the Albert Lea, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.