Is Minnetonka, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Minnetonka has remained a Seller's Market.
Key Takeaway
Minnetonka is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Minnetonka, MN
How much do homes in Minnetonka, MN cost?
Median Sold Price
$471,625
$214/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Minnetonka have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Minnetonka was $471,625 in May 2024, up 5.7% from last year, and the median price per square foot was $214.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $192.4K | $155K | -19.4% |
| 2 Bedrooms | $275K | $292.5K | +6.4% |
| 3 Bedrooms | $425K | $454.7K | +7.0% |
| 4 Bedrooms | $575K | $577.4K | 0.4% |
| 5+ Bedrooms | $866.5K | $713.7K | -17.6% |
Summary: Minnetonka housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 19.4%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes decreased by 17.6%.
Housing Supply in Minnetonka, MN
How many homes are available in Minnetonka, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 224 | 272 | +21.4% |
Summary: The Minnetonka real estate market had 272 homes for sale in May 2024, a 21.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 18 | +12.5% |
| 2 Bedrooms | 45 | 55 | +22.2% |
| 3 Bedrooms | 62 | 76 | +22.6% |
| 4 Bedrooms | 48 | 62 | +29.2% |
| 5+ Bedrooms | 53 | 61 | +15.1% |
Summary: The Minnetonka housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 22.6%, 4 bedroom homes increased by 29.2%, and 5+ bedroom homes increased by 15.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 53 | 64 | +20.8% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Minnetonka, you could pay more than the asking price. 42.2% of homes here sold above asking price last month.
Summary: A total of 64 homes were sold or pending in Minnetonka in May 2024, up by 20.8% month-over-month. Of the 64 sold homes, 38% were sold under asking, 20% were sold at asking, and 42% were sold over asking.
Days on Market for Minnetonka, MN
How long does it take to sell a home in Minnetonka, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 16 Days | 31 Days | +86.8% |
Summary: Homes in Minnetonka had an average of 31 days on market in May 2024, up by 86.8% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Minnetonka are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 64 homes were sold in Minnetonka; 70% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
