Is Wayzata, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Wayzata was a Seller's Market.
Key Takeaway
Wayzata is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Wayzata, MN
How much do homes in Wayzata, MN cost?
Median Sold Price
$1,020,000
$332/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Wayzata have sold for 15.9% more than they did a year ago.
Summary: The median home sold price in Wayzata was $1,020,000 in May 2024, up 15.9% from last year, and the median price per square foot was $332.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $250K | $243K | -2.8% |
| 2 Bedrooms | $567.5K | $519K | -8.5% |
| 3 Bedrooms | $663.3K | $787.5K | +18.7% |
| 4 Bedrooms | $827.5K | $1.4M | +78.2% |
| 5+ Bedrooms | $1.6M | $1.7M | +7.0% |
Summary: Wayzata housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.8%, 2 bedroom homes decreased by 8.5%, 3 bedroom homes increased by 18.7%, 4 bedroom homes increased by 78.2%, and 5+ bedroom homes increased by 7%.
Median Sold Price Compared To Nearby Cities
| Wayzata | $880K | $1.0M | +15.9% |
| Plymouth | $466.1K | $493.6K | +5.9% |
| Minnetonka | $446K | $471.6K | +5.7% |
| Orono | $1.0M | $990K | -2.9% |
| Shorewood | $720K | $672K | -6.7% |
Housing Supply in Wayzata, MN
How many homes are available in Wayzata, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 124 | 153 | +23.4% |
Summary: The Wayzata real estate market had 153 homes for sale in May 2024, a 23.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 17 | 17 | 0.0% |
| 3 Bedrooms | 23 | 37 | +60.9% |
| 4 Bedrooms | 35 | 39 | +11.4% |
| 5+ Bedrooms | 47 | 56 | +19.1% |
Summary: The Wayzata housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 60.9%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 19.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 22 | +22.2% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Wayzata, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Wayzata in May 2024, up by 22.2% month-over-month. Of the 22 sold homes, 55% were sold under asking, 14% were sold at asking, and 32% were sold over asking.
Days on Market for Wayzata, MN
How long does it take to sell a home in Wayzata, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 19 Days | 29 Days | +52.7% |
Summary: Homes in Wayzata had an average of 29 days on market in May 2024, up by 52.7% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Wayzata are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 22 homes were sold in Wayzata; 68% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
