By Isabella Carlson
Home Values Showing Modest Growth
The median sale price for homes in Minnetonka is now about $506,665, which reflects a year-over-year increase of roughly 1.4%. Homes are lingering longer on the market—about 22 days on average compared to fewer days in prior years. While demand remains, higher interest rates and fluctuating inventory seem to be tempering rapid price gains. For sellers, pricing smart and preparing homes well are more important than ever.
What Sellers & Buyers Are Seeing
- Sellers are often receiving offers close to list price, but a growing share of homes are dropping price before sale.
- Buyers have a bit more breathing room—more listings are appearing in neighborhoods where inventory was once tight.
- Neighborhoods like Tonkawood and Sparrow are among those with higher price points, while Spring Hill Park and Spring Lake offer somewhat more affordable options. Pricing per square foot is edging down slightly in some areas, meaning homes with the right features may now offer better value.
Renting: Prices Up, But Not Universally
For renters, the picture is mixed.
According to data through September 2026, the average rent in Minnetonka is between $1,800 and $2,100 depending on unit size, with two-bedroom apartments often around $2,040-$2,243. Studios and one-bedroom units offer some relief, while larger units and houses command much higher rents.
Rent has increased about 6% year-over-year, though some recent months show the price climbs slowing. Availability remains slender in popular areas, especially for larger units near transit or shops.
Tips for Renters
- Act fast when you find a good place—rental inventory tends to move quickly in areas with amenities.
- Be realistic about trade-offs: size, location, and condition tend to drive cost more than architecture alone.
- Consider areas slightly further from transit hubs if price is high near the core—those spots often offer more space per dollar.
New Development & Local Plans
Minnetonka continues to invest in new housing and mixed-use development, especially along major corridors and near future transit sites. Several projects are underway, including:
- Greco Minnetonka (Wayzata Blvd)—under construction.
- Minnetonka Mills (Habitat) (Baker Road)—site work in progress.
- Greystar/Marlowe (Bren Road)—also under construction.
- Amira Villas (Carlson Parkway) and Marsh Run 3 (Wayzata Blvd) are at early permit or review stages.
The city’s Economic Improvement Program is another important piece—it supports redevelopment, infrastructure, housing programs, and transit initiatives. These efforts aim to balance growth while preserving Minnetonka’s character and neighborhood identity.
Looking Ahead
If you’re a buyer, plan for a competitive process even if the market is less frenetic than in recent years. Renting will likely remain somewhat expensive, especially for units in desirable locations. Keep an eye on city approvals and new construction—they can shift supply and influence where it’s worth looking. And for both buyers and renters, being flexible on neighborhood, size, or commute could pay off.
Overall, Minnetonka’s market remains stable with pockets of heat—enough to make staying informed key whether you’re buying, renting, or watching where the community is heading.