Market Overview
Home Prices in Red Wing, MN
The median home value in Red Wing, MN is $293,135 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 0.8% compared to a year ago and up 3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Red Wing are priced29% below average. Red Wing is part of the Red Wing, MN metro area.
Over the past five years, Red Wing home values have risen by approximately21.6%, reflecting strong long-term appreciation in this market.
Price History
Red Wing Home Price Trend
City Comparison
Red Wing vs. National Median
At $293,135, homes in Red Wing cost 29% below the national median of $410,000. This makes Red Wing a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Red Wing?
20% Down Payment
$58,627
on $293,135
Monthly P&I
$1,529/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,942/mo
incl. taxes & insurance
Income Needed
$77,680
gross annual (30% rule)
10% Down Option
$29,314
+ PMI applies
Loan Amount (20% dn)
$234,508
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 Wing, MN?
The median home value in Red Wing is $293,135 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 0.8% year-over-year.
How much have home prices changed in Red Wing?
Over the past year, home values in Red Wing have increased by 0.8%. Over five years, prices have risen approximately 21.6%.
How much do I need to earn to buy a home in Red Wing?
To comfortably afford the median home price of $293,135 with a 20% down payment ($58,627) at today's rates (6.8%), you'd need a gross annual income of approximately $77,680. This assumes keeping total housing costs at or below 30% of gross income.
How does Red Wing compare to the national average home price?
The national median home value is approximately $410,000. At $293,135, homes in Red Wing are 29% below the national average.
What metro area is Red Wing part of?
Red Wing is part of the Red Wing, MN metropolitan area. Home prices and market conditions can vary across the broader metro region.