Owatonna, MN—55060
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Owatonna, MN
As of Oct '25, the median home price in Owatonna, MN is $290,000, with a year-over-year change of 3.6%. This indicates that home prices in Owatonna, MN are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $290,000 | 3.6% |
| Single Family | $291,000 | 3.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $222,000 | 5.2% |
3 Bed | $267,000 | 4.3% |
4 Bed | $331,000 | 2.8% |
| 5 Bed | $417,000 | 2.5% |
% of Housing Stock
Rental Trends — Owatonna, MN
As of July '25, Rentcast reports the average rent in Owatonna, MN is $1,160, with a year-over-year rent change of -4.1%. Per bedroom, the median rent as of July '25 in Owatonna, MN is studios: $895, 1-bedrooms: $967, 2-bedrooms: $1,190, 3-bedrooms: $1,700, 4-bedrooms: $1,800. The most common rental property sizes in Owatonna, MN are 1-bedroom and 2-bedroom, accounting for 35.1% and 33.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,160 |
| Studio Rent | $895 | $895 |
| 1 Bed Rent | $1,000 | $967 |
| 2 Bed Rent | $1,200 | $1,190 |
| 3 Bed Rent | $1,600 | $1,700 |
| 4 Bed Rent | $1,750 | $1,800 |
% of Rental Stock
Property Listings — Owatonna, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Owatonna, MN is 57. This is a increase of 22.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $317,000 | -4.0% |
Listing Count | 114 | 20.0% |
| Listings as % of Homes | 0.4% | 20.0% |
Days on Market | 57 | 22.0% |
Demographics — Owatonna, MN
As of the latest ACS Survey released in 2023, Owatonna, MN has a population of 29,600, which has increased by 2.0% over the past 5 years. Owatonna, MN is a moderately popular place for families, as children make up 24.1% of the population. The area has a moderately educated workforce, with 31.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,600 | 2.0% |
% Under 18 | 24.1% | -1.2% |
% Seniors | 18.9% | 14.5% |
% WFH | 8.3% | 151.5% |
% w/ College Degree | 31.4% | 18.0% |
As of the latest ACS Survey released in 2023, Owatonna, MN is a predominantly white area, with 84.3% of the population identifying as white. The white population has shrunk by 2.3% in the last 5 years. The second most common race or ethnicity in Owatonna, MN is hispanic, making up 7.7% of the population. Foreign-born residents account for 5.1% of the population in Owatonna, MN, and this percentage has increased by 13.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 84.3% | -2.3% |
% Black | 4.3% | 16.2% |
% Hispanic | 7.7% | 8.5% |
% Asian | 0.7% | -58.8% |
% Foreign Born | 5.1% | 13.3% |
Mortgage and Risk — Owatonna, MN
According to HUD data as of 2023, there were 434 mortgage originations in Owatonna, MN, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Owatonna, MN. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 434 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Owatonna, MN
Owatonna, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 418 |
Total Units Section 8 | 379 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 76.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$200 | $1,000 | $800 |
| 2 Bedroom | -$160 | $1,200 | $1,040 |
| 3 Bedroom | -$140 | $1,600 | $1,460 |
| 4 Bedroom | $0 | $1,750 | $1,750 |
Affordability — Owatonna, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $290,000 |
| Median Household Income | $83,800 |