Market Overview
Home Prices in Pennington, MN
The median home value in Pennington, MN is $243,687 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.8% compared to a year ago and up 3.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Pennington are priced41% below average. Pennington is part of the Bemidji, MN metro area.
Price History
Pennington Home Price Trend
2022
$207,948
$208K
—
2023
$216,988
$217K
+4.3%
2024
$224,970
$225K
+3.7%
2025
$232,483
$232K
+3.3%
2026
$243,687
$244K
+4.8%
City Comparison
Pennington vs. National Median
🏠 Pennington
$243,687
National Median
$410,000
At $243,687, homes in Pennington cost 41% below the national median of $410,000. This makes Pennington a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Pennington?
20% Down Payment
$48,737
on $243,687
Monthly P&I
$1,271/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,614/mo
incl. taxes & insurance
Income Needed
$64,560
gross annual (30% rule)
10% Down Option
$24,369
+ PMI applies
Loan Amount (20% dn)
$194,950
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 Pennington, MN?
The median home value in Pennington is $243,687 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.8% year-over-year.
How much have home prices changed in Pennington?
Over the past year, home values in Pennington have increased by 4.8%.
How much do I need to earn to buy a home in Pennington?
To comfortably afford the median home price of $243,687 with a 20% down payment ($48,737) at today's rates (6.8%), you'd need a gross annual income of approximately $64,560. This assumes keeping total housing costs at or below 30% of gross income.
How does Pennington compare to the national average home price?
The national median home value is approximately $410,000. At $243,687, homes in Pennington are 41% below the national average.
What metro area is Pennington part of?
Pennington is part of the Bemidji, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.