An $18.25 million sale on Linwood Road in Deephaven led September's activity on Lake Minnetonka, accompanied by several closings above $5 million. Buyers continued to invest in significant lake properties, though selling times varied considerably.
The market report recorded 21 September closings, compared with 25 in August. That represents fewer transactions, but it does not establish a decline in property values. On the lake, the mix of homes sold can change the numbers substantially from one month to the next.
The sale that shaped the month
Photo from MLS listing #6769887, via NorthstarMLS.
20670 Linwood Road, Deephaven
Sold for $18,250,000 | 341 reported days on market
The Linwood Road closing represented roughly 23% of the dollar volume in the accompanying closed-sales list.
Across that list, the average sale price was approximately $3.60 million, while the median was approximately $1.99 million. Excluding Linwood Road, the average was about $2.90 million.
That distinction matters when assessing your own property. A major estate sale can lift the lakewide average considerably. The most useful comparisons remain properties with similar shoreline, setting, condition and lake access.
Several upper-end properties moved quickly
Photo from MLS listing #7103629, via NorthstarMLS.
2740 Gale Road
Sold for $6,500,000 | 2 reported days on market
Photo from MLS listing #7101515, via NorthstarMLS.
520 Ferndale Road West
Sold for $6,400,000 | 7 reported days on market
Photo from MLS listing #7114870, via NorthstarMLS.
2492 Bantas Point Road
Sold for $5,400,000 | 7 reported days on market
Other significant closings included 1300 Bracketts Point Road at $6.8 million and 5155 Weeks Road in Greenwood at $6.35 million.
The quick closings on Gale Road, Ferndale Road West and Bantas Point show that substantial purchases can come together quickly. Very short MLS histories can also reflect buyers secured before broad public marketing, so reported days on market deserve some context.
The range is considerable: Gale Road showed two days, while Linwood Road showed 341. The Bracketts Point sale showed 117 days. Price alone does not determine how long a property takes to sell.
Buyers have choices heading into fall
As of October 7, the market report showed 106 active listings and 21 properties under contract.
Available properties averaged approximately $4.70 million, compared with $2.57 million for properties sold over the preceding six months. Several large estates contribute to that higher asking-price average; the gap does not measure how much sellers need to reduce their prices.
Still, buyers have a meaningful selection. Forty-four active listings had been on the market for more than 90 days, including 12 beyond 180 days.
Over the preceding six months, sold properties averaged 98 days on market and 96.8% of list price. Those figures suggest room for negotiation across the broader market, while the quick upper-end closings show that buyers cannot assume every desirable property will remain available.
What this means for your property
For sellers, September provided encouraging evidence of demand at the upper end. The next step is to determine how your home compares with both recent sales and the properties competing for buyers today.
For buyers, fall offers time to compare the choices carefully. On Lake Minnetonka, that means paying close attention to the site itself: usable shoreline, water depth, exposure, privacy and the nature of the lake access all contribute to long-term value.
September's major sales attracted attention, but the details behind those transactions are more useful than the headline average.
Explore the Lake Minnetonka Market Report for current listings, pending sales and recent closings.
Considering a move? Contact Daniel & Elisha Gustafson at 952-473-1000 for a personal valuation or help evaluating your next Lake Minnetonka purchase.