Market Overview
Home Prices in Tower, MN
The median home value in Tower, MN is $371,539 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.9% compared to a year ago and up 2.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Tower are priced9% below average. Tower is part of the Duluth, MN-WI metro area.
Over the past five years, Tower home values have risen by approximately38.3%, reflecting strong long-term appreciation in this market.
Price History
Tower Home Price Trend
2020
$228,953
$229K
—
2021
$268,656
$269K
+17.3%
2022
$307,996
$308K
+14.6%
2023
$311,734
$312K
+1.2%
2024
$333,107
$333K
+6.9%
2025
$341,231
$341K
+2.4%
2026
$371,539
$372K
+8.9%
City Comparison
Tower vs. National Median
🏠 Tower
$371,539
National Median
$410,000
At $371,539, homes in Tower cost 9% below the national median of $410,000. This makes Tower a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Tower?
20% Down Payment
$74,308
on $371,539
Monthly P&I
$1,938/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,461/mo
incl. taxes & insurance
Income Needed
$98,440
gross annual (30% rule)
10% Down Option
$37,154
+ PMI applies
Loan Amount (20% dn)
$297,231
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 Tower, MN?
The median home value in Tower is $371,539 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.9% year-over-year.
How much have home prices changed in Tower?
Over the past year, home values in Tower have increased by 8.9%. Over five years, prices have risen approximately 38.3%.
How much do I need to earn to buy a home in Tower?
To comfortably afford the median home price of $371,539 with a 20% down payment ($74,308) at today's rates (6.8%), you'd need a gross annual income of approximately $98,440. This assumes keeping total housing costs at or below 30% of gross income.
How does Tower compare to the national average home price?
The national median home value is approximately $410,000. At $371,539, homes in Tower are 9% below the national average.
What metro area is Tower part of?
Tower is part of the Duluth, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.