Nisswa, MN 56468

That's the average rate borrowers locked on October 22, 2026, from Optimal Blue's index of actual rate locks. On the median-priced home here, $630,000 with 10% down, it comes to $3,868 a month in principal and interest.

The typical home here costs $396 a month less than it did a year ago.

A year ago the median list price was about $776,000 and the 30-year rate was 6.17%: $4,264 a month with 10% down. Now it's $630,000 at 7.25%: $3,868.

Put the other way, last year's $4,264 a month buys about a $695,000 home at the latest rate.

On a typical day in September, 64 homes were for sale: about the same as in August and 39% more than a year ago. During the month 12 new listings came on, and on a typical day 14 homes were under contract.

Homes spent a median of 55 days on the market, 3 days shorter than a year ago. Sellers cut the price on 27% of listings, up 12 points from a year ago. The median list price was $630,000, or $291 a square foot: down 3.1% from August and down 19% from a year ago.

Balanced market. Judged on 21 homes under contract for every 100 for sale, 55 days on the market and price cuts on 27% of listings.

• Pequot Lakes, MN 56472105 for sale, median $500,000
• Merrifield, MN 5646520 for sale, median $577,000
• Baxter, MN 5642560 for sale, median $397,000
• Pillager, MN 5647310 for sale, median $411,000