Cities with the most expensive homes in Minnesota
Purchasing a home is among the most important investments a person will make in their lifetime. More than a place to live, homeownership is an asset with the potential to tremendously rise in value. But with home prices reaching record heights, affordability plays a huge role—and, increasingly, is a huge barrier—for buyers.
In March, the typical home value in the United States was $355,696—4.6% higher than the previous year.
High mortgage rates have also had a major impact on affordability: As of April 25, the 30-year fixed mortgage rate stands at 7.17%, three points higher than the average mortgage American households are sitting on. That disparity has kept many people in homes they might otherwise leave—to pursue another job, to downsize, or to upsize—further squeezing an already-tight market.
While home prices are up across the U.S., certain cities command significantly higher prices than others. Location, size, age, and condition are all contributing factors to home values.
Stacker compiled a list of cities with the most expensive homes in Minnesota using data from Zillow. Cities are ranked by the Zillow Home Values Index for all homes as of March 2024. The charts in this story were created automatically using Matplotlib.
Metros with the most cities in the top 30 in Minnesota
#1. Minneapolis-St. Paul-Bloomington, MN-WI: 27
#2. Brainerd, MN: 2
#3. Faribault-Northfield, MN: 1
#30. Chanhassen
- Typical home value: $522,348
- 1-year price change: +2.3%
- 5-year price change: +28.5%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#29. Mendota Heights
- Typical home value: $525,514
- 1-year price change: +2.4%
- 5-year price change: +29.3%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#28. Spring Park
- Typical home value: $532,203
- 1-year price change: +7.2%
- 5-year price change: +24.6%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#27. Webster
- Typical home value: $545,208
- 1-year price change: +1.2%
- 5-year price change: +32.7%
- Metro area: Faribault-Northfield, MN
#26. Gem Lake
- Typical home value: $557,227
- 1-year price change: +2.8%
- 5-year price change: +37.5%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#25. Corcoran
- Typical home value: $574,177
- 1-year price change: +0.7%
- 5-year price change: +34.1%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#24. Victoria
- Typical home value: $575,311
- 1-year price change: +2.0%
- 5-year price change: +31.2%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#23. Edina
- Typical home value: $584,572
- 1-year price change: +2.9%
- 5-year price change: +22.9%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#22. Marine on Saint Croix
- Typical home value: $586,408
- 1-year price change: +4.3%
- 5-year price change: +41.9%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#21. Pine Springs
- Typical home value: $588,110
- 1-year price change: +1.4%
- 5-year price change: +35.3%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#20. Lake Elmo
- Typical home value: $625,424
- 1-year price change: +1.0%
- 5-year price change: +31.9%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#19. Minnetrista
- Typical home value: $633,408
- 1-year price change: -0.9%
- 5-year price change: +34.4%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#18. East Gull Lake
- Typical home value: $662,044
- 1-year price change: +3.4%
- 5-year price change: +51.7%
- Metro area: Brainerd, MN
#17. Lake Shore
- Typical home value: $665,858
- 1-year price change: +5.8%
- 5-year price change: +58.5%
- Metro area: Brainerd, MN
#16. Afton
- Typical home value: $677,689
- 1-year price change: +0.5%
- 5-year price change: +36.6%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#15. Grant
- Typical home value: $684,076
- 1-year price change: +2.6%
- 5-year price change: +37.3%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#14. Independence
- Typical home value: $709,536
- 1-year price change: +1.9%
- 5-year price change: +39.5%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#13. Shorewood
- Typical home value: $727,124
- 1-year price change: +0.5%
- 5-year price change: +34.2%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#12. Excelsior
- Typical home value: $744,630
- 1-year price change: +0.3%
- 5-year price change: +27.6%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#11. Medina
- Typical home value: $773,579
- 1-year price change: -0.3%
- 5-year price change: +32.0%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#10. Wayzata
- Typical home value: $828,955
- 1-year price change: +0.8%
- 5-year price change: +32.5%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#9. Dellwood
- Typical home value: $883,472
- 1-year price change: +2.2%
- 5-year price change: +42.0%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#8. North Oaks
- Typical home value: $895,533
- 1-year price change: +3.6%
- 5-year price change: +38.9%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#7. Deephaven
- Typical home value: $947,956
- 1-year price change: +3.2%
- 5-year price change: +43.3%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#6. Tonka Bay
- Typical home value: $1,002,777
- 1-year price change: +0.4%
- 5-year price change: +41.9%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#5. Orono
- Typical home value: $1,028,671
- 1-year price change: +2.0%
- 5-year price change: +42.4%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#4. Sunfish Lake
- Typical home value: $1,072,748
- 1-year price change: +1.0%
- 5-year price change: +31.2%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#3. Greenwood
- Typical home value: $1,478,614
- 1-year price change: +0.4%
- 5-year price change: +38.7%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#2. Woodland
- Typical home value: $1,608,186
- 1-year price change: -2.3%
- 5-year price change: +38.0%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
#1. Minnetonka Beach
- Typical home value: $1,941,164
- 1-year price change: -3.0%
- 5-year price change: +44.8%
- Metro area: Minneapolis-St. Paul-Bloomington, MN-WI
This story features data reporting and writing by Elena Cox and is part of a series utilizing data automation across 50 states.
