Market Overview
Home Prices in Red Lake Falls, MN
The median home value in Red Lake Falls, MN is $224,802 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 11.2% compared to a year ago and up 0% from two years prior.
Compared to the U.S. national median of $410,000, homes in Red Lake Falls are priced45% below average.
Over the past five years, Red Lake Falls home values have risen by approximately10.9%, reflecting steady appreciation in this market.
Price History
Red Lake Falls Home Price Trend
2020
$184,756
$185K
—
2021
$202,702
$203K
+9.7%
2022
$220,821
$221K
+8.9%
2023
$217,475
$217K
-1.5%
2024
$202,202
$202K
-7.0%
2025
$202,248
$202K
+0.0%
2026
$224,802
$225K
+11.2%
City Comparison
Red Lake Falls vs. National Median
🏠 Red Lake Falls
$224,802
National Median
$410,000
At $224,802, homes in Red Lake Falls cost 45% below the national median of $410,000. This makes Red Lake Falls a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Red Lake Falls?
20% Down Payment
$44,960
on $224,802
Monthly P&I
$1,172/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,488/mo
incl. taxes & insurance
Income Needed
$59,520
gross annual (30% rule)
10% Down Option
$22,480
+ PMI applies
Loan Amount (20% dn)
$179,842
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 Red Lake Falls, MN?
The median home value in Red Lake Falls is $224,802 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 11.2% year-over-year.
How much have home prices changed in Red Lake Falls?
Over the past year, home values in Red Lake Falls have increased by 11.2%. Over five years, prices have risen approximately 10.9%.
How much do I need to earn to buy a home in Red Lake Falls?
To comfortably afford the median home price of $224,802 with a 20% down payment ($44,960) at today's rates (6.8%), you'd need a gross annual income of approximately $59,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Red Lake Falls compare to the national average home price?
The national median home value is approximately $410,000. At $224,802, homes in Red Lake Falls are 45% below the national average.