Owatonna, MN housing market
Homes typically sell in 14 days, close to asking.
Home values, sales, trends and how Owatonna compares with the towns next door — updated as new data is published.
Owatonna at a glance
A strong seller's market
Homes are selling faster than new ones are listed: less than two months of supply. Well-priced homes can draw several offers.
Home prices up 47% in 5 years
The federal house price index for the ZIP code around Owatonna rose 47% over the past 5 years, faster than across Minnesota (37%). Last year prices rose 4.4%. Carrying the Census median home value forward with that index puts the typical Owatonna home at roughly $387,000 today.
Show as a table
| Year | Change that year | Since 2000 | Minnesota since 2000 |
|---|---|---|---|
| 2025 | +4.4% | +117% | +127% |
| 2024 | +4.3% | +108% | +120% |
| 2023 | +6.7% | +100% | +113% |
| 2022 | +14% | +87% | +104% |
| 2021 | +11% | +65% | +82% |
| 2020 | +3.8% | +48% | +66% |
| 2019 | +3.6% | +43% | +61% |
| 2018 | +4.7% | +38% | +55% |
| 2017 | +5.9% | +32% | +46% |
| 2016 | +6.9% | +24% | +38% |
| 2015 | +0.9% | +16% | +32% |
| 2014 | +1.8% | +15% | +28% |
| 2013 | +3.1% | +13% | +21% |
| 2012 | −1.2% | +9.9% | +16% |
| 2011 | −6.2% | +11% | +18% |
| 2010 | −5.2% | +19% | +25% |
| 2009 | −5.2% | +25% | +33% |
| 2008 | −2.4% | +32% | +42% |
| 2007 | +1.2% | +35% | +48% |
| 2006 | +2.8% | +33% | +49% |
| 2005 | +7.4% | +30% | +45% |
| 2004 | +5.7% | +21% | +34% |
| 2003 | +2.5% | +14% | +23% |
| 2002 | +4.3% | +12% | +18% |
| 2001 | +7% | +7% | +9.2% |
| 2000 | — | — | — |
How Owatonna ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP code 55060, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
15 new homes permitted in 2025
Builders were permitted 15 new homes in Owatonna in 2025, all single-family houses, worth about $4.9 million to build. That's 0.6 per 1,000 residents, slower than across Minnesota (3.8). Over the past 10 years, Owatonna has permitted 915 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Owatonna gained 821 residents while 552 new homes were permitted: about 1.5 new residents per new home. Building outpaced population growth, which usually means smaller households or homes used part of the year. Across Minnesota: 2.2 new residents per new home.
How Owatonna ranks on housing keeping up with growth →
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 21 | 14 | 7 | $7 million |
| 2025 | 15 | 15 | 0 | $4.9 million |
| 2024 | 14 | 10 | 4 | $4.7 million |
| 2023 | 143 | 23 | 120 | $20.5 million |
| 2022 | 172 | 16 | 156 | $23.7 million |
| 2021 | 121 | 42 | 79 | $19.1 million |
| 2020 | 114 | 35 | 79 | $21.2 million |
| 2019 | 63 | 35 | 28 | $12.9 million |
| 2018 | 131 | 38 | 93 | $22.7 million |
| 2017 | 105 | 35 | 70 | $14.2 million |
| 2016 | 37 | 37 | 0 | $9.1 million |
| 2015 | 50 | 14 | 36 | $8.3 million |
| 2014 | 21 | 17 | 4 | $3.7 million |
| 2013 | 33 | 21 | 12 | $4.8 million |
| 2012 | 40 | 17 | 23 | $4.3 million |
| 2011 | 54 | 14 | 40 | $6.2 million |
| 2010 | 18 | 18 | 0 | $3.7 million |
| 2009 | 19 | 19 | 0 | $2.4 million |
| 2008 | 41 | 41 | 0 | $7.8 million |
| 2007 | 82 | 79 | 3 | $14 million |
| 2006 | 219 | 159 | 60 | $28.9 million |
| 2005 | 208 | 153 | 55 | $27 million |
| 2004 | 185 | 170 | 15 | $30.5 million |
| 2003 | 283 | 187 | 96 | $36.8 million |
| 2002 | 213 | 179 | 34 | $16.9 million |
| 2001 | 137 | 137 | 0 | $12.3 million |
| 2000 | 149 | 137 | 12 | $13.3 million |
How Owatonna ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Owatonna and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Owatonna | — | +4.4%† | $1,150 | 15 | $80,750 |
| Owatonna | $299K | +2.2% | $1,150 | — | $129,750 |
| Clinton Falls | — | +2.6%† | $1,150 | — | $101,042 |
† FHFA price index change, where Zillow has no home value for the town.
3 years of income
The typical Owatonna home costs about 3 years of the town's median household income, less than across Minnesota (3.9 years).
How Owatonna ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,150
HUD's Fair Market Rent for a two-bedroom in Owatonna is $1,150 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Owatonna pay a median of $1,067. A two-bedroom takes about 17% of the town's median household income.
Studio $790 · 4 bedrooms $1,830
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (55060; Steele County, MN), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Recent listings in Owatonna
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.