Wells, MN housing market
Home prices around Wells have risen about 41% over the past 5 years.
Home values, sales, trends and how Wells compares with the towns next door — updated as new data is published.
Home prices up 41% in 5 years
The federal house price index for the ZIP code around Wells rose 41% over the past 5 years, faster than across Minnesota (37%). Last year prices rose 3.8%. Carrying the Census median home value forward with that index puts the typical Wells home at roughly $453,000 today.
Show as a table
| Year | Change that year | Since 2000 | Minnesota since 2000 |
|---|---|---|---|
| 2025 | +3.8% | +110% | +127% |
| 2024 | +2.9% | +102% | +120% |
| 2023 | +4.4% | +97% | +113% |
| 2022 | +13% | +88% | +104% |
| 2021 | +11% | +66% | +82% |
| 2020 | +2.9% | +49% | +66% |
| 2019 | +4.9% | +45% | +61% |
| 2018 | +4.2% | +38% | +55% |
| 2017 | +9.7% | +33% | +46% |
| 2016 | +2.9% | +21% | +38% |
| 2015 | +4.6% | +18% | +32% |
| 2014 | +3% | +12% | +28% |
| 2013 | +4.8% | +9.2% | +21% |
| 2012 | −6.6% | +4.2% | +16% |
| 2011 | −4.3% | +12% | +18% |
| 2010 | −8.1% | +17% | +25% |
| 2009 | −8.1% | +27% | +33% |
| 2008 | −3% | +38% | +42% |
| 2007 | −0.4% | +42% | +48% |
| 2006 | +2% | +43% | +49% |
| 2005 | +7.5% | +40% | +45% |
| 2004 | +10% | +30% | +34% |
| 2003 | +2.6% | +18% | +23% |
| 2002 | +5.8% | +15% | +18% |
| 2001 | +9.1% | +9.1% | +9.2% |
| 2000 | — | — | — |
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP code 55021, 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.
Wells and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Wells | — | +3.8%† | $1,210 | — | $87,574 |
| Faribault | $305K | +2.4% | $1,210 | 25 | $61,449 |
| Shieldsville | — | +5%† | $1,390 | — | $100,625 |
| Warsaw | $266K | +3.8% | $1,210 | — | $91,111 |
| Forest | — | +3.9%† | $1,420 | — | $125,938 |
| Cannon City | — | +3.9%† | $1,220 | — | $101,667 |
† FHFA price index change, where Zillow has no home value for the town.
4.6 years of income
The typical Wells home costs about 4.6 years of the town's median household income, more than across Minnesota (3.9 years).
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,210
HUD's Fair Market Rent for a two-bedroom in Wells is $1,210 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Wells pay a median of $867, so moving in tends to cost more than staying put. A two-bedroom takes about 17% of the town's median household income.
Studio $920 · 4 bedrooms $2,030
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (55021; Rice 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 Wells
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community 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.