Is Minnetonka, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Minnetonka has remained a Seller's Market.
Housing Prices in Minnetonka, MN
How much do homes in Minnetonka, MN cost?
Median Sold Price
$465,250
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Minnetonka was $465,250 in March 2024, up 1.6% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $195K | $156.5K | -19.7% |
2 Bedrooms | $285K | $292.5K | +2.6% |
3 Bedrooms | $425K | $458.5K | +7.9% |
4 Bedrooms | $570K | $575K | +0.9% |
5+ Bedrooms | $862.5K | $749.5K | -13.1% |
Summary: Minnetonka housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 19.7%, 2 bedroom homes increased by 2.6%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes decreased by 13.1%.
Housing Supply in Minnetonka, MN
How many homes are available in Minnetonka, MN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
174 | 193 | +10.9% |
Summary: The Minnetonka real estate market had 193 homes for sale in March 2024, a 10.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 14 | 14 | 0.0% |
2 Bedrooms | 37 | 40 | +8.1% |
3 Bedrooms | 48 | 53 | +10.4% |
4 Bedrooms | 34 | 37 | +8.8% |
5+ Bedrooms | 41 | 49 | +19.5% |
Summary: The Minnetonka housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.1%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes increased by 19.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
39 | 41 | +5.1% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 41 homes were sold or pending in Minnetonka in March 2024, up by 5.1% month-over-month. Of the 41 sold homes, 34% were sold under asking, 24% were sold at asking, and 41% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
48 Days | 34 Days | -29.1% |
Summary: Homes in Minnetonka had an average of 34 days on market in Mar 2024, down by 29.1% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 41 homes were sold in Minnetonka; 61% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.