I’ve been diving into the Zillow Home Value Index data to uncover the most expensive housing markets in Minnesota. What I discovered was fascinating – the Twin Cities metro area dominates the luxury real estate market in the state, with 23 of the top 25 priciest towns located in the Minneapolis-St. Paul-Bloomington metropolitan area.
The average home value among Minnesota’s 25 most expensive towns has reached an astounding $888,262 in January 2025. Even more remarkable is the growth trajectory – these premium markets have experienced an average appreciation of 42% just in the last five years. Lake Shore in Cass County led the pack with a staggering 64.7% growth since 2020, while Minnetonka Beach showed the most impressive long-term growth with homes appreciating 135.6% since 2010.
What struck me most was the geographic divide in luxury markets. While the Twin Cities suburbs dominate the list, two Brainerd-area lake communities (East Gull Lake and Lake Shore) have broken into the top ranks, highlighting the growing appeal of lake property in the state’s recreational areas. Let’s explore these premium communities in detail, working our way from number 25 to the most expensive town in Minnesota.
25. Marine on Saint Croix
- 2025 value: $573,346
- 2020 value: $404,251
- 2015 value: $318,235
- 2010 value: $289,249
- % Change 2010-2025: 98.2%
- % Change 2015-2025: 80.2%
- % Change 2020-2025: 41.8%
Nestled along the scenic St. Croix River, Marine on Saint Croix has nearly doubled in value since 2010, with homes now averaging $573,346 in 2025. The charming historic river town has seen impressive growth, jumping 41.8% just since 2020 and a substantial 80.2% since 2015. Located in Washington County on the border with Wisconsin, this quaint community blends New England-style architecture with Minnesota’s natural beauty, making it a desirable retreat for those seeking small-town tranquility within commuting distance to the Twin Cities.
24. Corcoran
- 2025 value: $577,402
- 2020 value: $427,407
- 2015 value: $321,950
- 2010 value: $293,250
- % Change 2010-2025: 96.9%
- % Change 2015-2025: 79.3%
- % Change 2020-2025: 35.1%
The rural charm of Corcoran has captivated homebuyers, driving property values to $577,402 in 2025—a remarkable 96.9% increase since 2010. I’ve watched this Hennepin County community transform from farmland to desirable real estate, with values climbing 35.1% since 2020 and 79.3% since 2015. Situated northwest of Minneapolis, Corcoran offers residents the perfect blend of countryside living with larger lot sizes while maintaining convenient access to the amenities of the Twin Cities metro area.
23. Victoria
- 2025 value: $583,240
- 2020 value: $441,854
- 2015 value: $374,911
- 2010 value: $343,958
- % Change 2010-2025: 69.6%
- % Change 2015-2025: 55.6%
- % Change 2020-2025: 32.0%
Victoria’s lakeside allure has propelled its housing market to impressive heights, with home values reaching $583,240 in 2025—a solid 69.6% appreciation since 2010. The market has continued its strong performance with a 32.0% jump just since 2020 and a 55.6% increase from 2015 values. This charming Carver County community, known as the “City of Lakes and Parks,” sits on the western edge of the Twin Cities metro area, offering residents a peaceful lifestyle surrounded by natural beauty while still providing easy access to urban amenities.
22. Edina
- 2025 value: $584,083
- 2020 value: $457,777
- 2015 value: $381,547
- 2010 value: $320,667
- % Change 2010-2025: 82.1%
- % Change 2015-2025: 53.1%
- % Change 2020-2025: 27.6%
The prestigious suburb of Edina continues to command premium prices, with property values climbing to $584,083 in 2025—representing an 82.1% increase since 2010. Though its growth has moderated to 27.6% since 2020 (the lowest five-year growth rate among the top 25), Edina’s desirability remains undeniable with a 53.1% appreciation since 2015. Ideally positioned in Hennepin County just southwest of Minneapolis, Edina offers residents award-winning schools, upscale shopping at 50th & France and Southdale Center, manicured neighborhoods, and a reputation as one of the Twin Cities’ most coveted addresses.
21. Lake Elmo
- 2025 value: $608,033
- 2020 value: $462,076
- 2015 value: $385,123
- 2010 value: $348,004
- % Change 2010-2025: 74.7%
- % Change 2015-2025: 57.9%
- % Change 2020-2025: 31.6%
Lake Elmo’s preservationist approach to development has paid off in property values, with homes now averaging $608,033 in 2025—a robust 74.7% increase from 2010 figures. The community has experienced steady growth with a 31.6% rise since 2020 and 57.9% appreciation since 2015. Located in Washington County just east of St. Paul, Lake Elmo beautifully balances rural character with upscale developments, offering residents larger lots and a country atmosphere while still being within minutes of the eastern Twin Cities metro area.
20. Minnetrista
- 2025 value: $637,617
- 2020 value: $470,148
- 2015 value: $389,583
- 2010 value: $365,013
- % Change 2010-2025: 74.7%
- % Change 2015-2025: 63.7%
- % Change 2020-2025: 35.6%
Waterfront living has driven Minnetrista’s housing market to new heights, with property values reaching $637,617 in 2025—a 74.7% jump from 2010. The community has shown consistent appreciation, rising 35.6% since 2020 and 63.7% since 2015. This Hennepin County gem is nestled along the shores of Lake Minnetonka on the western edge of the Twin Cities, providing residents with a tranquil, nature-filled lifestyle while maintaining reasonable access to metropolitan amenities.
19. East Gull Lake
- 2025 value: $642,094
- 2020 value: $410,650
- 2015 value: $327,839
- 2010 value: $304,399
- % Change 2010-2025: 110.9%
- % Change 2015-2025: 95.9%
- % Change 2020-2025: 56.4%
As one of only two non-Twin Cities communities to crack the top 25, East Gull Lake has seen explosive growth with home values soaring to $642,094 in 2025—more than doubling with a 110.9% increase since 2010. The recreational haven has experienced remarkable recent growth, jumping 56.4% since 2020 and nearly doubling with a 95.9% rise since 2015. Located in Cass County in the Brainerd Lakes region, East Gull Lake offers premier lakefront living and championship golf courses, making it a sought-after destination for wealthy vacationers and retirees looking for luxury in Minnesota’s northern playground.
18. Afton
- 2025 value: $661,672
- 2020 value: $480,175
- 2015 value: $381,667
- 2010 value: $362,106
- % Change 2010-2025: 82.7%
- % Change 2015-2025: 73.4%
- % Change 2020-2025: 37.8%
Afton’s blend of river views and country estates has propelled average home values to $661,672 in 2025—representing an 82.7% appreciation since 2010. This Washington County gem has maintained strong momentum with a 37.8% increase since 2020 and impressive 73.4% growth since 2015. Hugging the scenic St. Croix River on the eastern border of the Twin Cities metro, Afton offers residents a distinctive combination of historic village charm, rural landscapes, and outdoor recreation opportunities within a reasonable commute to St. Paul.
17. Grant
- 2025 value: $666,675
- 2020 value: $485,089
- 2015 value: $389,568
- 2010 value: $352,395
- % Change 2010-2025: 89.2%
- % Change 2015-2025: 71.1%
- % Change 2020-2025: 37.4%
Rural luxury defines Grant, where sprawling estates have pushed average home values to $666,675 in 2025—representing a robust 89.2% increase since 2010. The community has maintained strong momentum with a 37.4% rise since 2020 and a substantial 71.1% jump since 2015. Situated in Washington County just east of White Bear Lake, Grant offers residents large acreage properties and an equestrian-friendly atmosphere while maintaining a convenient location just minutes from the northeastern suburbs of the Twin Cities.
16. Lake Shore
- 2025 value: $681,107
- 2020 value: $413,569
- 2015 value: $334,352
- 2010 value: $300,842
- % Change 2010-2025: 126.4%
- % Change 2015-2025: 103.7%
- % Change 2020-2025: 64.7%
Luxury lakefront living has catapulted Lake Shore’s housing values to extraordinary heights, reaching $681,107 in 2025—a staggering 126.4% increase since 2010. This Brainerd-area community leads the state with the highest five-year growth rate at 64.7% since 2020 and has more than doubled with a 103.7% increase since 2015. Located in Cass County along the shores of Gull Lake, Lake Shore represents the premium end of Minnesota’s northern recreational market, offering high-end homes with pristine waterfront access in one of the state’s most prestigious lake regions.
15. Independence
- 2025 value: $718,245
- 2020 value: $494,514
- 2015 value: $411,303
- 2010 value: $373,047
- % Change 2010-2025: 92.5%
- % Change 2015-2025: 74.6%
- % Change 2020-2025: 45.2%
The equestrian estates of Independence have commanded impressive value growth, with home prices reaching $718,245 in 2025—a substantial 92.5% increase since 2010. The western Hennepin County community has seen consistent appreciation, rising 45.2% just since 2020 and 74.6% since 2015. Positioned west of Minneapolis near Lake Minnetonka, Independence offers residents a unique combination of rural atmosphere, large lots often exceeding 5 acres, and a strong equestrian culture while still providing reasonable access to the western Twin Cities metropolitan area.
14. Shorewood
- 2025 value: $735,008
- 2020 value: $534,475
- 2015 value: $449,033
- 2010 value: $404,434
- % Change 2010-2025: 81.7%
- % Change 2015-2025: 63.7%
- % Change 2020-2025: 37.5%
Shorewood’s lakeside location has fueled significant home value appreciation, with prices climbing to $735,008 in 2025—representing an 81.7% increase since 2010. The community has maintained steady growth with a 37.5% rise since 2020 and 63.7% appreciation since 2015. Situated along the south shore of Lake Minnetonka in Hennepin County, Shorewood combines the prestige of lake living with convenient proximity to Minneapolis, offering residents a blend of natural beauty and upscale suburban amenities that continues to attract affluent homebuyers.
13. Excelsior
- 2025 value: $773,948
- 2020 value: $568,191
- 2015 value: $418,954
- 2010 value: $360,623
- % Change 2010-2025: 114.6%
- % Change 2015-2025: 84.7%
- % Change 2020-2025: 36.2%
Historic charm meets lakeside luxury in Excelsior, where home values have surged to $773,948 in 2025—more than doubling with a 114.6% increase since 2010. This Lake Minnetonka gem has shown remarkable longevity in its growth, appreciating 36.2% since 2020 and 84.7% since 2015. Known for its vibrant downtown and waterfront location in western Hennepin County, Excelsior offers residents a unique blend of small-town character with upscale boutiques, restaurants, and lake recreation, creating an environment that continues to captivate homebuyers seeking a premium lifestyle.
12. Medina
- 2025 value: $776,909
- 2020 value: $568,528
- 2015 value: $498,830
- 2010 value: $454,739
- % Change 2010-2025: 70.8%
- % Change 2015-2025: 55.7%
- % Change 2020-2025: 36.7%
Sprawling luxury estates define Medina’s housing market, where average values have reached $776,909 in 2025—a robust 70.8% increase from 2010. The community has maintained consistent growth with a 36.7% jump since 2020 and 55.7% appreciation since 2015. Located in western Hennepin County, Medina blends rural character with upscale development, offering residents expansive properties, equestrian facilities, and a countryside atmosphere while still providing convenient access to the amenities and employment centers of the western Twin Cities suburbs.
11. Wayzata
- 2025 value: $834,804
- 2020 value: $612,665
- 2015 value: $501,925
- 2010 value: $445,261
- % Change 2010-2025: 87.5%
- % Change 2015-2025: 66.3%
- % Change 2020-2025: 36.3%
Wayzata’s lakeside prestige has driven property values to new heights, with homes now averaging $834,804 in 2025—an impressive 87.5% increase since 2010. The market has shown consistent strength with a 36.3% rise since 2020 and 66.3% growth since 2015. Situated on the northeast shore of Lake Minnetonka in Hennepin County, Wayzata combines a picturesque downtown, award-winning restaurants, upscale shopping, and stunning lake views, creating one of the Twin Cities’ most desirable addresses for discerning homebuyers seeking luxury with a waterfront lifestyle.
10. Dellwood
- 2025 value: $863,655
- 2020 value: $608,412
- 2015 value: $519,878
- 2010 value: $479,324
- % Change 2010-2025: 80.2%
- % Change 2015-2025: 66.1%
- % Change 2020-2025: 42.0%
Secluded estates have pushed Dellwood’s home values to $863,655 in 2025—representing a substantial 80.2% increase since 2010. The exclusive community has continued its upward trajectory with a 42.0% rise since 2020 and 66.1% growth since 2015. Located in Washington County along the eastern shore of White Bear Lake, Dellwood offers residents a unique combination of privacy, generous lot sizes, and lake access while maintaining a convenient location within the northeastern Twin Cities metro area.
9. North Oaks
- 2025 value: $879,581
- 2020 value: $614,462
- 2015 value: $551,153
- 2010 value: $523,617
- % Change 2010-2025: 68.0%
- % Change 2015-2025: 59.6%
- % Change 2020-2025: 43.1%
The gated community of North Oaks continues its ascent in Minnesota’s luxury market, with home values reaching $879,581 in 2025—a strong 68.0% increase since 2010. Recent years have shown accelerating growth, with a 43.1% jump since 2020 and 59.6% appreciation since 2015. Established on the former farm estate of railroad magnate James J. Hill in Ramsey County, North Oaks offers residents a distinctive combination of privacy, natural surroundings, and an exclusive community atmosphere just minutes north of St. Paul and the northeastern Twin Cities suburbs.
8. Deephaven
- 2025 value: $955,720
- 2020 value: $631,614
- 2015 value: $538,264
- 2010 value: $461,567
- % Change 2010-2025: 107.1%
- % Change 2015-2025: 77.6%
- % Change 2020-2025: 51.3%
Deephaven’s coveted position on Lake Minnetonka has driven home values past the $950,000 mark, reaching $955,720 in 2025—more than doubling with a 107.1% increase since 2010. The luxury market has maintained robust momentum with a 51.3% surge since 2020 and 77.6% growth since 2015. Located on some of Lake Minnetonka’s most scenic bays in Hennepin County, Deephaven combines waterfront prestige with architectural distinction, offering residents a premier lake lifestyle with convenient access to the western Twin Cities suburbs.
7. Orono
- 2025 value: $1,028,785
- 2020 value: $691,764
- 2015 value: $574,614
- 2010 value: $531,629
- % Change 2010-2025: 93.5%
- % Change 2015-2025: 79.0%
- % Change 2020-2025: 48.7%
Orono has broken the million-dollar threshold with average home values soaring to $1,028,785 in 2025—a remarkable 93.5% increase since 2010. This Lake Minnetonka community has seen particularly strong recent growth, jumping 48.7% since 2020 and 79.0% since 2015. Spanning the northern shores of Lake Minnetonka in Hennepin County, Orono offers a perfect blend of waterfront luxury, rural charm, and privacy, with many properties featuring significant acreage or coveted lake frontage, positioning it as one of the Twin Cities’ most prestigious addresses.
6. Tonka Bay
- 2025 value: $1,037,432
- 2020 value: $693,025
- 2015 value: $564,011
- 2010 value: $513,785
- % Change 2010-2025: 101.9%
- % Change 2015-2025: 83.9%
- % Change 2020-2025: 49.7%
Tonka Bay’s peninsula location has propelled its housing market past the million-dollar mark, with home values reaching $1,037,432 in 2025—more than doubling with a 101.9% increase since 2010. The community has maintained exceptional growth momentum with a 49.7% surge since 2020 and 83.9% appreciation since 2015. Situated on a peninsula between two of Lake Minnetonka’s largest bays in Hennepin County, Tonka Bay offers residents an exclusive waterfront lifestyle with nearly complete lake surroundings, combining natural beauty with architectural distinction in one of the Twin Cities’ most coveted addresses.
5. Sunfish Lake
- 2025 value: $1,101,266
- 2020 value: $880,727
- 2015 value: $673,905
- 2010 value: $674,262
- % Change 2010-2025: 63.3%
- % Change 2015-2025: 63.4%
- % Change 2020-2025: 25.0%
Privacy and exclusivity define Sunfish Lake, where home values have climbed to $1,101,266 in 2025—a substantial 63.3% increase since 2010. This small enclave has shown more moderate recent growth at 25.0% since 2020, but maintains a solid 63.4% appreciation since 2015. Located in Dakota County just south of St. Paul, Sunfish Lake is one of the Twin Cities’ most exclusive communities, featuring just 100 homes on minimum 2.5-acre wooded lots surrounding a private lake, creating an atmosphere of secluded luxury while remaining just minutes from the southern Twin Cities metro area.
4. Medicine Lake
- 2025 value: $1,123,855
- 2020 value: N/A
- 2015 value: N/A
- 2010 value: N/A
- % Change 2010-2025: N/A
- % Change 2015-2025: N/A
- % Change 2020-2025: N/A
Medicine Lake’s unique island-like setting has pushed its housing market to extraordinary heights, with home values reaching $1,123,855 in 2025. While historical data isn’t available for comparison, the community’s current pricing reflects its exceptional positioning. This tiny Hennepin County municipality is nearly surrounded by water, occupying a peninsula that extends into Medicine Lake just northwest of Minneapolis, offering residents a distinctive combination of waterfront living, privacy, and natural beauty while maintaining quick access to the northwestern suburbs of the Twin Cities.
3. Greenwood
- 2025 value: $1,494,302
- 2020 value: $1,014,052
- 2015 value: $833,373
- 2010 value: $777,262
- % Change 2010-2025: 92.3%
- % Change 2015-2025: 79.3%
- % Change 2020-2025: 47.4%
Greenwood’s waterfront exclusivity has propelled its housing market into the upper echelons of Minnesota luxury, with home values soaring to $1,494,302 in 2025—a remarkable 92.3% increase since 2010. The tiny lakeside community has maintained impressive growth momentum with a 47.4% surge just since 2020 and 79.3% appreciation since 2015. Tucked between Lake Minnetonka’s St. Albans and Excelsior Bays in Hennepin County, Greenwood is one of the smallest municipalities in Minnesota, offering residents an ultra-exclusive lakefront lifestyle with architectural distinction in what has become one of the Twin Cities’ most prestigious enclaves.
2. Woodland
- 2025 value: $1,662,132
- 2020 value: $1,096,487
- 2015 value: $1,031,232
- 2010 value: $925,341
- % Change 2010-2025: 79.6%
- % Change 2015-2025: 61.2%
- % Change 2020-2025: 51.6%
Woodland’s exclusive peninsula setting has established it firmly in the ultra-luxury market, with home values reaching a staggering $1,662,132 in 2025—representing a robust 79.6% increase since 2010. This elite community has shown particularly strong recent growth with a 51.6% jump since 2020 and 61.2% appreciation since 2015. Occupying a wooded peninsula that extends into Lake Minnetonka’s eastern bays in Hennepin County, Woodland combines unparalleled privacy, mature trees, and prime lake frontage for fewer than 500 residents, creating one of Minnesota’s most exclusive and sought-after luxury enclaves.
1. Minnetonka Beach
- 2025 value: $2,005,628
- 2020 value: $1,283,045
- 2015 value: $914,084
- 2010 value: $851,329
- % Change 2010-2025: 135.6%
- % Change 2015-2025: 119.4%
- % Change 2020-2025: 56.3%
Claiming the crown as Minnesota’s most expensive housing market, Minnetonka Beach has broken the $2 million threshold with average home values reaching an astonishing $2,005,628 in 2025—more than doubling with a 135.6% increase since 2010. This exclusive peninsula community has shown exceptional growth at every interval, with a 56.3% surge since 2020 and an incredible 119.4% jump since 2015. Often called the “Island of Lake Minnetonka” in Hennepin County, this tiny municipality of fewer than 600 residents combines historic charm with ultra-luxury estates, offering the ultimate lakeside lifestyle on one of Minnesota’s most coveted stretches of shoreline.
