Is Minnetonka, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$468,750
$213/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Minnetonka was $468,750 in April 2024, up 6.5% from last year, and the median price per square foot was $213.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $194.9K | $155K | -20.5% |
2 Bedrooms | $285K | $290K | +1.8% |
3 Bedrooms | $423.5K | $447K | +5.5% |
4 Bedrooms | $565K | $579.9K | +2.6% |
5+ Bedrooms | $870K | $740K | -14.9% |
Summary: Minnetonka housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.5%, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes decreased by 14.9%.
Housing Supply in Minnetonka, MN
How many homes are available in Minnetonka, MN?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
190 | 235 | +23.7% |
Summary: The Minnetonka real estate market had 235 homes for sale in April 2024, a 23.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 12 | 16 | +33.3% |
2 Bedrooms | 40 | 49 | +22.5% |
3 Bedrooms | 56 | 62 | +10.7% |
4 Bedrooms | 35 | 49 | +40.0% |
5+ Bedrooms | 47 | 59 | +25.5% |
Summary: The Minnetonka housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 22.5%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 25.5%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
45 | 51 | +13.3% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Summary: A total of 51 homes were sold or pending in Minnetonka in April 2024, up by 13.3% month-over-month. Of the 51 sold homes, 47% were sold under asking, 18% were sold at asking, and 35% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
32 Days | 33 Days | +3.3% |
Summary: Homes in Minnetonka had an average of 33 days on market in Apr 2024, up by 3.3% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During April 2024, 51 homes were sold in Minnetonka; 59% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.