Market Overview
Home Prices in Silver Bay, MN
The median home value in Silver Bay, MN is $169,878 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 0.4% compared to a year ago and up 1.8% from two years prior.
Compared to the U.S. national median of $410,000, homes in Silver Bay are priced59% below average. Silver Bay is part of the Duluth, MN-WI metro area.
Over the past five years, Silver Bay home values have risen by approximately41.1%, reflecting strong long-term appreciation in this market.
Price History
Silver Bay Home Price Trend
City Comparison
Silver Bay vs. National Median
At $169,878, homes in Silver Bay cost 59% below the national median of $410,000. This makes Silver Bay a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Silver Bay?
20% Down Payment
$33,976
on $169,878
Monthly P&I
$886/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,125/mo
incl. taxes & insurance
Income Needed
$45,000
gross annual (30% rule)
10% Down Option
$16,988
+ PMI applies
Loan Amount (20% dn)
$135,902
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 Silver Bay, MN?
The median home value in Silver Bay is $169,878 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 0.4% year-over-year.
How much have home prices changed in Silver Bay?
Over the past year, home values in Silver Bay have increased by 0.4%. Over five years, prices have risen approximately 41.1%.
How much do I need to earn to buy a home in Silver Bay?
To comfortably afford the median home price of $169,878 with a 20% down payment ($33,976) at today's rates (6.8%), you'd need a gross annual income of approximately $45,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Silver Bay compare to the national average home price?
The national median home value is approximately $410,000. At $169,878, homes in Silver Bay are 59% below the national average.
What metro area is Silver Bay part of?
Silver Bay is part of the Duluth, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.