Minnetonka Housing Market Report February 2025•Hennepin County, Minnesota

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Housing Prices in Minnetonka, MN

How much do homes in Minnetonka, MN cost?

Housing Market Conditions

Is Minnetonka, MN a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Minnetonka is a Neutral Market

Difference Since February 2024

At the same time last year, Minnetonka was a Seller's Market.

Insight

Minnetonka is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$502,216$218/SqFt
+$31,716
+6.7%

Based on all homes sold in the last 12 months

Insight

Homes in Minnetonka have sold for 6.7% more than they did a year ago.

Summary: The median home sold price in Minnetonka was $502,216 in February 2025, up 6.7% from last year, and the median price per square foot was $218.

Median Sold Price By Cities

Median Sold Price By Cities
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Hopkins
+6.8%
Minnetonka
+6.7%
Wayzata
+1.9%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsFeb 2024Feb 2025Change YoY
1$155K$158.4K
+2.2%
2$290K$295K
+1.7%
3$446K$485K
+8.7%
4$568.5K$599K
+5.4%
5$750K$775K
+3.3%

Summary: Minnetonka housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes increased by +2.2%. The home price for 2 bedroom homes increased by +1.7%. The home price for 3 bedroom homes increased by +8.7%. The home price for 4 bedroom homes increased by +5.4%. The home price for 5 bedroom homes increased by +3.3%.

Housing supply in Minnetonka, MN

How many homes are available in Minnetonka, MN?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
195Last MonthFeb 2025
1542 months agoJan 2025
+26.6 %
Change MoMJan – Feb

Summary: The Minnetonka real estate market had 195 homes for sale in Feb 2025, a 26.6 % increase compared to Jan 2025.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
30Last MonthFeb 2025
302 months agoJan 2025
0.0 %
Change MoMJan – Feb

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsJan 2025Feb 2025Change MoM
11320
+53.8%
23647
+30.6%
33646
+27.8%
44045
+12.5%
52937
+27.6%

Summary: Minnetonka housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +53.8%. The inventory for 2 bedroom homes increased by +30.6%. The inventory for 3 bedroom homes increased by +27.8%. The inventory for 4 bedroom homes increased by +12.5%. The inventory for 5 bedroom homes increased by +27.6%.

Asking Price vs. Sold Price

How much do homes in Minnetonka, MN cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price6 Homes

At Asking Price3 Homes

Under Asking Price20 Homes

Insight

If you're buying a home in Minnetonka, you may be able to get a good deal. 69% of homes here sold below asking price last month.

Summary: A total of 30 homes were sold or pending in Minnetonka in February 2025, the same as the previous month. Of the 29 sold homes, 69% were sold under asking, 10% were sold at asking, and and 21% were sold over asking.

Days on Market for Minnetonka, MN

How long does it take to sell a home in Minnetonka, MN?

Breakdown of Home Sale Times

Under 30 Days13 Homes

30 – 90 Days9 Homes

Over 90 Days6 Homes

Insight

Many homes in Minnetonka are selling fast, if you're buying plan to act quickly.

Summary: During February 2025, 30 homes were sold in Minnetonka; 43% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
57 DaysThis YearFeb 2025
49 Days1 year agoFeb 2024
+16.6 %
Change YoYFeb 2024 – Feb 2025

Summary: Homes in Minnetonka had an average listing age of 57 days in Feb 2025, up by 16.6% compared to the previous year.

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Newest Listings in Minnetonka, MN

What homes are available in Minnetonka, MN?

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Nearby markets

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Last updated on: 3/1/2025, 7:22:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.