Market Overview
Home Prices in Owatonna, MN
The median home value in Owatonna, MN is $302,292 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.7% 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 Owatonna are priced26% below average. Owatonna is part of the Owatonna, MN metro area.
Over the past five years, Owatonna home values have risen by approximately28.2%, reflecting strong long-term appreciation in this market.
Price History
Owatonna Home Price Trend
City Comparison
Owatonna vs. National Median
At $302,292, homes in Owatonna cost 26% below the national median of $410,000. This makes Owatonna a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Owatonna?
20% Down Payment
$60,458
on $302,292
Monthly P&I
$1,577/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,003/mo
incl. taxes & insurance
Income Needed
$80,120
gross annual (30% rule)
10% Down Option
$30,229
+ PMI applies
Loan Amount (20% dn)
$241,834
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 Owatonna, MN?
The median home value in Owatonna is $302,292 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.7% year-over-year.
How much have home prices changed in Owatonna?
Over the past year, home values in Owatonna have increased by 2.7%. Over five years, prices have risen approximately 28.2%.
How much do I need to earn to buy a home in Owatonna?
To comfortably afford the median home price of $302,292 with a 20% down payment ($60,458) at today's rates (6.8%), you'd need a gross annual income of approximately $80,120. This assumes keeping total housing costs at or below 30% of gross income.
How does Owatonna compare to the national average home price?
The national median home value is approximately $410,000. At $302,292, homes in Owatonna are 26% below the national average.
What metro area is Owatonna part of?
Owatonna is part of the Owatonna, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.