Market Overview
Home Prices in Preston, MN
The median home value in Preston, MN is $275,431 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.1% compared to a year ago and up 0.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Preston are priced33% below average. Preston is part of the Rochester, MN metro area.
Over the past five years, Preston home values have risen by approximately23.4%, reflecting strong long-term appreciation in this market.
Price History
Preston Home Price Trend
City Comparison
Preston vs. National Median
At $275,431, homes in Preston cost 33% below the national median of $410,000. This makes Preston a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Preston?
20% Down Payment
$55,086
on $275,431
Monthly P&I
$1,436/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,824/mo
incl. taxes & insurance
Income Needed
$72,960
gross annual (30% rule)
10% Down Option
$27,543
+ PMI applies
Loan Amount (20% dn)
$220,345
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 Preston, MN?
The median home value in Preston is $275,431 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 Preston?
Over the past year, home values in Preston have increased by 2.1%. Over five years, prices have risen approximately 23.4%.
How much do I need to earn to buy a home in Preston?
To comfortably afford the median home price of $275,431 with a 20% down payment ($55,086) at today's rates (6.8%), you'd need a gross annual income of approximately $72,960. This assumes keeping total housing costs at or below 30% of gross income.
How does Preston compare to the national average home price?
The national median home value is approximately $410,000. At $275,431, homes in Preston are 33% below the national average.
What metro area is Preston part of?
Preston is part of the Rochester, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.