The 12 best cities for Minnesota luxury buyers

Today’s high-end buyers are searching for interesting and spacious properties that fit their varying needs. Whether a work-from-home office, multi-stall garage or upgraded outdoor space – or all of the above — are on your new home wishlist, you’ll likely find the luxury home you’re looking for in Minnesota.

To help potential luxury buyers determine the Minnesota cities where they might want to move next, Edina Realty’s data team ran an in-depth query for cities that, within the last year, had more than 50 listings with the following criteria:

• Single-family homes with a minimum of four bedrooms and three bathrooms
• An attached garage with 3+ stalls
• Homes priced at $750,000 or more

Keep reading if you’re in the market for a high-end home in one of the top 12 cities for luxury homebuyers in Minnesota.

Medina, Minnesota

Located in Hennepin county, Medina offers residents a small-town vibe with close proximity to the Twin Cities. While Medina boasts outdoor trails and recreation, the town is also known for its variety of entertainment events. The Medina Entertainment Center features bowling, live music and a flea market for homeowners in the area to enjoy.

• Median Home Value: $829,000
• Median Household Income: $133,265
• City Population: 6,322

Orono, Minnesota

Situated between golf courses and Lake Minnetonka, the city of Orono offers residents a unique and luxurious experience. Many homeowners in the area take advantage of their proximity to the water by joining Wai Nani Surf and Paddle or one of the boat clubs in the area. Plus, local shops and restaurants are abundant in this area, so you’ll never run out of great food and fashion options.

• Median Home Value: $1,195,000
• Median Household Income: $121,268
• City Population: 8,192

North Oaks, Minnesota

Driving just ten miles north of Saint Paul will bring you to North Oaks, a city recognized for its unique division of property. Interestingly, all property lines in North Oaks extend to the midpoint of the road, making all roads private. Additionally, parks, trails and other outdoor recreation facilities are owned by the local homeowners’ association. Beyond this, homeowners in the area enjoy exclusive events and unique dining experiences, including at the well-known Tria Restaurant.

• Median Home Value: $991,000
• Median Household Income: $143,329
• City Population: 4,724

Independence, Minnesota

The land around Independence and the surrounding area is made up of agricultural farming and natural habitats. In fact, the city was named after Lake Independence, which is situated along the easternmost border of the town, along with the Baker Park Reserve. Luxury homes in this city tend to be new construction, as builders are taking advantage of for-sale lots and land that was historically used as farmland.

• Median Home Value: $684,403
• Median Household Income: $94,244
• City Population: 3,847

Deephaven, Minnesota

The city of Deephaven borders Lower Lake Minnetonka, boasting access to six beaches, the nearly 16-mile Lake Minnetonka Regional Trail and other exciting outdoor amenities. This western suburb of Minneapolis offers the ideal balance between natural serenity and proximity to the bustling Twin Cities. Not to mention, homes in Deephaven tend to feature luxury amenities and beautiful views.

• Median Home Value: $962,000
• Median Household Income: $124,426
• City Population: 3,754

Shorewood, Minnesota

The appropriately named town Shorewood is located between the shores of glamorous Lake Minnetonka and popular Lake Minnewashta — meaning that residents enjoy the water and all of its splendor during the warmer months. The Minnesota Landscape Arboretum is also nearby, offering an abundance of plant and garden beauty year-round, to all who visit. Homeowners enjoy special events at the aforementioned outdoor venues year-round, and there’s a number of indoor community activities to take advantage of, too.

• Median Home Value: $900,000
• Median Household Income: $125,254
• City Population: 7,912

Wayzata, Minnesota

From the sailing center to yacht clubs, the city of Wayzata celebrates the community around Lake Minnetonka. A quaint downtown gives this Minneapolis suburb charm, while still remaining just a short drive away from all of the metro happenings. Interested luxury homebuyers tend to flock to Wayzata, searching to call one of the city’s brilliant structures their own.

• Median Home Value: $1,200,000
• Median Household Income: $73,787
• City Population: 4,305

Grant, Minnesota

Grant, a suburb of St. Paul, was historically a farming town. Nowadays, a few commercial farms and a handful of hobby farms are still present in the area. Thanks to the immensity of green space, highly-rated vineyards and wineries are located in and around Grant. Unsurprisingly, homeowners in the area take advantage of the quality wine and special events that are just down the road.

• Median Home Value: $693,750
• Median Household Income: $110,710
• City Population: 4,447

Chanhassen, Minnesota

Similar to its surrounding towns, the city of Chanhassen offers residents plenty of natural amenities. In addition, Chanhassen celebrates a vibrant art community. Home to the Chanhassen Dinner Theater, Stevie Ray’s Improv Company and Prince’s home and studio, Paisley Park, residents of Chanhassen constantly have a calendar of creative events to attend.

• Median Home Value: $675,000
• Median Household Income: $115,179
• City Population: 25,789

Prior Lake, Minnesota

Sitting southwest of Minneapolis is Prior Lake, an oasis from larger city life. Residents of the area enjoy everything the lake has to offer while still maintaining access to everyday suburban conveniences. Looking to live lakeside or own a second property on the water? Be sure to check out Prior Lake.

• Median Home Value: $565,000
• Median Household Income: $99,811
• City Population: 26,307

Madison Lake, Minnesota

Farther out from the metro area is Madison Lake, a small town about an hour and a half drive from Minneapolis. Madison Lake’s quaint population and community are balanced by Mankato, a larger neighboring city. The area features local restaurants, outdoor activities and, of course, beautiful homes. The city’s luxury homes tend to be larger, newly built estates set on the water.

• Median Home Value: $387,000
• Median Household Income: $71,181
• City Population: 889

Eden Prairie, Minnesota

Eden Prairie is one of the larger suburbs of the Twin Cities by population, giving local homeowners in the area plenty to do. The over 2,200 businesses and 2,250 acres of parks augment the residential life in the area. Plus, exciting outings like Valleyfair and Canterbury Park are easily accessible from Eden Prairie. And, of course, homes in the area are appealing to luxury buyers, who love the location and energy of this long-time bustling suburb.

• Median Home Value: $552,000
• Median Household Income: $102,581
• City Population: 64,167

Looking for a luxury home in Minnesota?

As the market leader for 20+ years, we have housing experts in every community across Minnesota and western Wisconsin. Reach out today to Edina Realty to be introduced to one of our luxury specialists in any of the above communities — or in other areas where you are looking.

Ranking criteria and sources:
1. Ranking for this list of top 10 cities is based on cities within Minnesota with the most available single-family homes for sale with more than 4 beds and 3 baths, an attached garage with 3+ stalls, priced above $750,000 between June 2021 and June 2022.
3. Housing value data for all other cities based on Northstar MLS data as of September 26, 2022. Listing information changes frequently. For up-to-date listing information, visit edinarealty.com.