Lake Minnetonka Real Estate Market Update – October 2025

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October 2025 Market Snapshot

  • New Listings: 135
  • Closed Sales: 93
  • Median Sales Price: $850,000
  • Average Sales Price: $1,230,492
  • Price Per Square Foot: $377
  • Percent of Original List Price Received: 97.5%
  • Days on Market Until Sale: 56
  • Inventory of Homes for Sale: 336
  • Months Supply of Inventory: 4.0

October Trends & Local Insights

The Lake Minnetonka area continues to show strength and upward momentum in 2025, even amid shifting buyer behavior and higher borrowing costs. The October numbers highlight a market that remains high-demand, low-distress, and increasingly competitive, especially for well-located and turnkey homes.

Overall Market Performance

The Lake Minnetonka region saw meaningful year-over-year growth:

  • New Listings: Up 2.8% month-over-month and up 9.9% over the rolling 12 months.

  • Closed Sales: Up 11.8% in October; +9.3% for the rolling 12 months.

  • Median Sales Price: Jumped from $790,990 → $835,000 (+5.6%) in October and is up 13.9% over the trailing 12 months.

  • Average Price: Up a significant 22.6%, driven by continued strength in the luxury segment.

  • Price/SF: Increased from $316 → $371 (+17.6%)—a strong signal of rising buyer willingness to pay premium prices in this region

Market Dynamics

  • Homes Are Taking Longer to Sell: Days on market increased from 66 → 75 days (+13.6%).

    • This reflects buyers becoming more selective—not a drop in demand.

  • Sellers Are Getting More of Their Asking Price: The % of list price received rose to 95.5%, showing healthy competition for well-priced homes.

  • Inventory Tightened Slightly: Months supply moved from 3.6 → 3.8, still well below a balanced market (5–6 months).

    • This keeps upward pressure on prices.

Price Trend Outlook

Charts on page 1 show the 6-month average median price trend climbing, despite seasonal shifts. Lake Minnetonka continues to outperform the broader 16-county Twin Cities region—especially in the luxury category.

What This Means for Buyers & Sellers

For Buyers

  • Competition for quality homes remains high.

  • Expect stronger pricing on renovated and shoreline homes.

  • Days on market increasing could mean opportunities on stale or overpriced listings.

For Sellers

  • Strong demand + limited inventory = pricing power.

  • Luxury segments are outperforming at a rapid pace.

  • Preparation and strategic pricing still matter—buyers are selective at the top end.

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Expert Commentary from Hays + Baker Real Estate

“The Lake Minnetonka real estate market saw a big jump in new listings, up 30% from last year, giving buyers more options. Despite this increase, closed sales held steady, showing buyers are being more selective.

Prices remain strong, with the median sales price rising nearly 6% year-over-year and the average price climbing over 10%, especially in the luxury segment. Homes are taking a bit longer to sell, averaging 61 days on market compared to 57 a year ago.

Overall, the market remains healthy and competitive. Sellers continue to benefit from rising values, while buyers now have more inventory to choose from.”

— The Hays + Baker Real Estate Team