Minnetonka’s real estate market has been experiencing notable shifts, reflecting broader trends in the Twin Cities area. Understanding these changes is crucial for prospective buyers, sellers, and renters aiming to make informed decisions.
Current Market Trends
As of April 2026, the median listing price for homes in Minnetonka stands at $520,000, marking a 16.85% increase year-over-year. The median sold price has risen to $569,900, a 27.21% uptick from the previous year. Homes are typically on the market for a median of 33 days, indicating a competitive environment for buyers. Additionally, the median price per square foot is $236, reflecting a 3.96% increase over the past year.
Housing Inventory and New Developments
The housing inventory in Minnetonka remains tight, with 237 active listings as of April 2026, a slight 0.92% increase from the previous year. This limited supply continues to favor sellers, creating a competitive market for buyers.
In terms of new developments, a 13-story apartment complex featuring 350 to 400 units has been proposed near the future Green Line light rail station in Minnetonka. This project aims to replace an existing one-level office building at 10701 Bren Road East, reflecting a trend of residential construction along the Green Line extension in the southwest metro area.
Rental Market Dynamics
The rental market in Minnetonka has also seen significant changes. The median rent has risen to $3,500 per month, a 34.87% increase year-over-year. This surge indicates strong rental demand and potential investment returns, but also higher housing costs for renters.
Conclusion
Minnetonka’s real estate landscape is characterized by rising home prices, limited inventory, and a competitive rental market. Staying informed about these trends is essential for navigating the evolving housing environment in the area.