2024 Housing Market Analysis: West Metro Communities
Market Insights: Wayzata, Plymouth, Maple Grove & Minnetonka
The 2024 housing market in Hennepin County has aligned with broader Twin Cities trends—characterized by limited inventory, consistent demand, and appreciating home values. A closer examination of premier west metro communities including Wayzata, Plymouth, Maple Grove, and Minnetonka reveals distinct market patterns worth noting for discerning buyers and sellers.
West Metro: Sustained Desirability
These four distinguished communities continue to attract significant interest due to their exceptional quality of life, exemplary educational institutions, and strategic proximity to Minneapolis. Their performance in 2024 demonstrates their enduring appeal:
Plymouth: Balanced Growth and Opportunity
Market Performance:
- Closed Sales: 1,094 (+3.8% from 2023)
- Townhome/Condominium Share: 36.1%
- Average Days on Market: 44
- List Price Received: 98.8%
Analysis: Plymouth maintains its position as a highly desirable location for both families and those seeking to downsize. The significant proportion of attached residences reflects the community’s appeal across different lifestyle stages. Properties continue to transact efficiently in this market.
Maple Grove: Robust Performance and Value Retention
Market Performance:
- Closed Sales: 1,030 (+5.7%)
- Townhome/Condominium Share: 40.4%
- Average Days on Market: 39
- List Price Received: 99.1%
Analysis: Maple Grove exhibited exceptional momentum throughout 2024. Its harmonious blend of new construction and established neighborhoods continues to position it as a premier market performer in the region.
Wayzata: Distinctive Luxury Market
Market Performance:
- Closed Sales: 80 (+1.3%)
- Townhome/Condominium Share: 47.5%
- Average Days on Market: 74
- List Price Received: 96.6%
Analysis: Wayzata’s market caters predominantly to the luxury and refined living segment. While properties typically remain available longer, the area continues to be a coveted lakeside destination for discriminating buyers.
Minnetonka: Established Excellence with Sustained Appeal
Market Performance:
- Closed Sales: 667 (-2.1%)
- Townhome/Condominium Share: 35.5%
- Average Days on Market: 44
- List Price Received: 98.2%
Analysis: The slight decrease in transactions reflects inventory constraints rather than diminished interest. Minnetonka remains exceptionally attractive to professionals and those seeking more substantial residences.
Market Outlook: Opportunities in 2025
With mortgage rates projected to stabilize between 6–7% and inventory gradually improving, these distinguished west metro communities will likely continue to attract significant interest. For buyers, strategic timing will be essential—particularly in Plymouth and Maple Grove where properties continue to transact promptly. Sellers in Wayzata and Minnetonka may benefit from precise pricing strategies and thoughtful presentation to optimize their market position.
For a personalized consultation regarding acquiring or marketing a property in these coveted communities, I welcome the opportunity to discuss tailored strategies aligned with your objectives.
Nick Sundahl
Luxury Property Specialist
Lakes | Sotheby’s International Realty
612.877.0527 | nick@nicksundahl.com