Comparative Housing Market Analysis: Minnetonka and Surrounding Communities

Abstract

This project was completed as part of the 2012-2013 Resilient Communities Project (rcp.umn.edu) partnership with the City of Minnetonka. Homes in Minnetonka are more expensive on average than homes in surrounding communities, and the City was interested in the potential "market leakage"--that is, purchasers looking to buy a home in the Minnetonka area but ultimately choosing to buy in a neighboring community--for mid-priced housing. Minnetonka project lead and community development supervisor Elise Durbin worked with students in HSG 5464: Understanding Housing Assessment and Analysis, to determine the mid-priced housing market for Minnetonka, as well as the neighboring communities of St. Louis Park, Hopkins, Plymouth, and Eden Prairie. Their analysis showed that Minnetonka lacks smaller, low-priced housing in comparison to surrounding communities. The students' final report and presentation are available.