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Zillow: Minnesota has 4 cities where average home costs $1M-plus

There were three last year.
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Minnesota is home to four cities where the average home sells for more than $1 million.

That's according to Zillow, which reveal its annual rankings that show the number of $1 million-plus cities in the U.S. grew in 2020, despite the economic downturn caused by the COVID-19 pandemic.

Unsurprisingly, three out of the four cities are on the shorelines of Lake Minnetonka, home to some of the richest property in Minnesota.

Joining the list this year is Sunfish Lake, the tiny metro city of 545 people located east of Mendota Heights, which from what we can tell from Google satellite is dominated solely by gigantic homes.

A cursory look at houses for sale there throws up three options: for $1.35 million, $1.5 million, and $3.925 million.

Here are the four $1M-plus home cities in Minnesota: 

  • Minnetonka Beach: Average price $1,440,694.00, up 7.6% from 2019.
  • Greenwood: Average price $1,157,259.00, up 7.2% from 2019.
  • Woodland: Average price $1,092,931.00, up 3% from 2019.
  • Sunfish Lake: Average $1,014,156.00, up 4.2% from 2019.

Zillow says the U.S. has sparked a "pandemic-driven housing boom," with the U.S. adding 45 more cities with a typical home value of at least $1 million.

The COVID-19 outbreak and the subsequent rise in work-from-home has changed the property landscape, with Forbes noting that buyers are seeking more space as they spend more time at home and less time in the office.

Most of the $1 million-plus cities are typically found in the New York City, San Francisco, and Los Angeles areas.

The priciest city is Atherton, California, near San Francisco, which has a highest typical home value of an eye-watering $6.6 million.

Looking to buy or sell? Find a realtor using the BMTN directory

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