Welcome to today’s real estate news! If you’re dreaming of buying your first home in Minnesota, you might want to brace yourself for some eye-popping prices. In one particular Minnesota city, starter homes now come with a hefty price tag of over a million dollars! Real estate prices have been skyrocketing not just in this city, but across the country as well. According to a recent Zillow survey, the average starter home is selling for around $196,611, a significant increase of over 54 percent within the past five years. But this Minnesota city takes it to another level, joining the ranks of just over 200 cities in the U.S. where starter homes will cost you a cool million. Curious to know which city we’re talking about? It’s Minnetonka Beach, located in Hennepin County. But don’t worry, if living on Lake Minnetonka isn’t your thing, there are plenty of other million-dollar homes to explore across Minnesota. So, let’s dive into the latest news and discover more about the fascinating world of real estate!
Starter Homes In This Minnesota City Now Cost Over A $1 Million
If you’re looking to buy your first home in this Minnesota city, count your pennies because they cost over a million dollars! Real estate prices have been soaring here in the Land of 10,000 Lakes and across the country recently. According to a recent Zillow survey, the average ‘starter home’ (which is defined as a home, townhome, or condominium that is usually in the bottom third of home values in an area) is selling for an average of $196,611. Zillow says that’s an increase of just over 54 percent within the past five years, which has pushed the average age of a first-time homebuyer to 35, a year older than in 2019. But starter homes in many cities in the North Star State are higher than that. Take Minneapolis, for example, where the average starter home is priced at around $284,400, according to this Five Star Painting survey.
But not in THIS Minnesota city, however. Because it’s one of just over 200 cities in the country where the average starter home will now cost you just a wee bit more than that. Like a million dollars! Zillow says that there are currently 237 cities in the U.S. where you’ll need to shell out six figures to buy a starter home, up from just 84 cities back in 2019. Half of them are located in California. But the Gopher State is one of just 24 other states where you’ll find one of those cities.
Now, the Bold North already has SIX million-dollar cities, where the average cost of a home is now over one million dollars. And this Minnesota city recently made THAT list as well. So which Minnesota city are we talking about?
That would be Minnetonka Beach, located in Hennepin County, in the Twin Cities metro area. According to the city’s website, the City of the Village of Minnetonka Beach is a ‘boot-shaped peninsula located on Lake Minnetonka featuring 228 homes and 535 residents.’
And, yes, starter homes in the City of the Village of Minnetonka Beach are now selling for $1.08 million, according to this Minneapolis St. Paul Business Journal story. But those homes may be a bargain, as Zillow also says the average home price in Minnetonka Beach is now $2,002,027, the highest average price in the state, though it’s down 1.6 percent from 2023.
Of course, you don’t have to live on Lake Minnetonka in the Twin Cities to find million-dollar homes. Keep scrolling to see some fabulous homes worth at least a million dollars, all of which are located across other parts of Minnesota.
Here’s what Tim Walz has done as governor of Minnesota • Minnesota Reformer
Democrats have swiftly fallen for Minnesota Gov. Tim Walz’s Midwest dad persona, sharing videos of him working on a car, going on a rollercoaster with daughter Hope at the State Fair, signing a bill renaming a street in Prince’s honor in purple ink. But he’s also got a long record as governor. Walz’s first term was largely defined by the gridlock of divided government and crisis management in response to the COVID-19 pandemic and the aftermath of the police murder of George Floyd.
But once Democrats swept control of state government in the 2022 elections with Walz at the top of the ticket, they passed one of the most significant progressive agendas in the nation’s recent history with just a single-seat Senate majority. Walz represented a Republican-leaning district in the U.S. House and was widely seen as the more centrist of the two leading Democratic candidates for governor, but he’s become a champion of progressive policy as governor. With few exceptions, Walz supported what the Democratic majorities in the state House and Senate could muster the votes to pass.
Those bills — ranging from protecting abortion access to speeding up energy permitting to increasing protections against wage theft — have excited the nation’s Democratic base, which is beginning to learn about the trifecta’s work over the past two years.
Lake Minnetonka mansion with ‘Garage Mahal’ gets to stay
After years of legal battles, a Hennepin County judge has ruled in favor of the owners of a Lake Minnetonka mansion with a unique feature known as the “Garage Mahal.” Former Vikings star linebacker Chad Greenway and his wife, along with former UnitedHealth Group executive Ken Ehlert and his wife, had sued their neighbors and the city of Wayzata over environmental concerns and zoning regulations. The judge ruled that the owners of the mansion had followed all environmental rules and acquired the necessary permits for their home and detached garage. All claims by the plaintiffs were denied and dismissed. Read more about this long-standing dispute.
KB Home Announces the Grand Opening of Its Newest Community in Manor, Texas
KB Home has announced the grand opening of Mustang Valley, a new-home community in Manor, Texas. The community features one- and two-story floor plans with up to five bedrooms and three baths. Amenities include a children’s playground, dog park, basketball court, and walking paths. KB Home is known for its personalized approach, allowing homebuyers to customize their homes according to their preferences. The company focuses on building strong relationships with customers and has been ranked as the #1 customer-ranked national homebuilder. Explore the new community and find your dream home.
The Best Juicy Lucy Burgers in Minneapolis and St. Paul
Discover the iconic Juicy Lucy burgers in Minneapolis and St. Paul, where the cheese is stuffed inside the patty for a deliciously gooey experience. Local favorites like the 5-8 Club and Matt’s Bar claim to be the original home of this classic burger, while other restaurants put their own spin on it. From blue cheese versions to Cajun-spiced patties, there’s a Juicy Lucy for every taste. Explore this map of 11 essential spots to satisfy your craving for this quintessential cheese-stuffed delight.
Tim Walz is a YIMBY. He’s supported a ton of new housing that’s kept rents down in Minnesota.
Minnesota Governor Tim Walz has been a strong advocate for increasing housing supply and supporting affordable housing initiatives. Under his leadership, significant funding has been allocated to programs ranging from downpayment assistance to workforce housing. Walz has also signed legislation expanding tenants’ rights and has pushed for reforms to speed up the permitting processes for clean energy projects and housing construction. His efforts have garnered attention from national political leaders and housing advocates who see him as a pro-development figure. Minneapolis, the largest city in Minnesota, has been a leader in pro-housing policy, implementing reforms such as ending single-family zoning citywide to boost housing supply and affordability. The city’s housing policies have been credited with slowing rent growth and keeping inflation down. Discover more about Tim Walz’s support for new housing and its impact on Minnesota’s rental market.