Home Values in Duluth, Minnesota — 2026 Market Report
Updated March 2026 | Buyer's Market | +2.6% YoY
The median home value in Duluth, Minnesota is $225,000 as of March 2026, which is below the national median of $400,000. Home values in Duluth have increased by 2.6% over the past year and 13.7% over the last five years. With a population of 90,880 and a median household income of $48,250, the price-to-income ratio stands at 4.7x, making Duluth affordable for the average household.
Duluth Housing Market Conditions
| Metric | Duluth | National Avg |
|---|---|---|
| Median Home Value | $225,000 | $400,000 |
| YoY Appreciation | +2.6% | +3.8% |
| 5-Year Appreciation | +13.7% | +22.4% |
| Price per Sq Ft | $93 | $222 |
| Days on Market | 43 days | 45 days |
| Months of Supply | 5.2 | 3.5 |
| List-to-Sale Ratio | 97.9% | 98.5% |
| Monthly Homes Sold | 72 | — |
| Foreclosure Rate | 0.75% | 0.3% |
Home Value Trends in Duluth
A homeowner who purchased at the median price of $197,889 five years ago in Duluth would have gained approximately $27,111 in equity, representing a 13.7% return on investment. Over the past year alone, the typical homeowner gained $5,702 in home equity.
Affordability in Duluth, MN
With a median household income of $48,250 and a median home price of $225,000, the price-to-income ratio in Duluth is 4.7x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $1,260 compared to estimated monthly ownership costs of $1,279 gives a rent-vs-buy ratio of 1.02. In Duluth, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Duluth
The effective property tax rate in Minnesota is 1.12%. On a home valued at $225,000, the estimated annual property tax bill is $2,520, or approximately $210/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Duluth is 92.5 (100 = national average), indicating living costs are below the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Duluth, MN?
The median home value in Duluth, Minnesota is $225,000 as of March 2026. Home values have changed +2.6% over the past year, with a 5-year appreciation of 13.7%.
Is Duluth a buyer's or seller's market?
Duluth is currently a buyer's market with 5.2 months of housing supply. Homes spend an average of 43 days on market, and the list-to-sale price ratio is 97.9%. Higher inventory gives buyers more negotiating power.
Are home values going up in Duluth?
Yes, home values in Duluth have increased by 2.6% over the past year. The 5-year appreciation rate is 13.7%, meaning a home worth $197,889 five years ago is now worth $225,000.
Is it better to rent or buy in Duluth?
The average monthly rent in Duluth is $1,260, while estimated monthly homeownership costs are approximately $1,279. The price-to-rent ratio is 14.9. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other Minnesota Cities
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Disclaimer: Home value data for Duluth, Minnesota is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.