06/18/2026
Lake Minnetonka Area - May 2026 Housing Market Update
The Lake Minnetonka market remained active in May, though overall transaction volume softened compared to the same period last year. Eight lake homes sold in May 2026, compared to 16 sales in May 2025, reflecting a slower pace of closed transactions despite continued buyer activity throughout the spring market.
Average sale prices remained relatively stable year over year, with homes averaging $2,280,313 this May versus $2,382,897 last year. However, buyers negotiated more aggressively this year, as the sale-to-list ratio declined to 93.15%, compared to approximately 95.6% in May 2025.
One of the more notable shifts was pricing on a price-per-square-foot basis. The average sold price per square foot declined from $726.69 in May 2025 to $572.93 this year, suggesting a broader mix of inventory and fewer ultra-premium waterfront sales closing during the month.
At the same time, homes sold considerably faster in 2026, averaging just 53.5 days on market, compared to 81.1 days last May. This indicates that while buyers remain selective and value-conscious, desirable and properly positioned properties are still moving efficiently once they hit the market.
The highest sale in May reached $3,690,000, compared to $4,801,000 during the same period last year, further illustrating a market that remains healthy but somewhat more measured at the upper end of the luxury spectrum.
Currently, there are 77 active homes for sale on Lake Minnetonka, providing buyers with a broad range of opportunities across varying price points, shoreline styles, and locations around the lake. As inventory levels continue to build, strategic pricing and thoughtful presentation remain critical for sellers looking to stand out in today’s market.
For detailed sales data, upcoming opportunities, or a confidential evaluation of your Lake Minnetonka property, visit hollerman.com or reach out anytime.
