There are four Minnesota cities where the average home sells for more than $1 million, according to Zillow.
The real estate website recently revealed its annual list that shows how many $1 million-plus cities there were in the United States in 2021. There were 481 of those cities in all last year, an increase of 146 cities compared to 2020.
In Minnesota, there are four cities where the average house is worth more than $1 million, and three of them are located on Lake Minnetonka.
- Minnetonka Beach, on Lake Minnetonka, where the typical home value in 2021 was $1,695,795, up from $1,513,263 in 2020.
- Greenwood, on Lake Minnetonka, where the typical home value in 2021 was $1,300,852, up from $1,178,698 in 2020.
- Woodland, on Lake Minnetonka, where the typical home value in 2021 was $1,222,616, up from $1,101,448 in 2020.
- Sunfish Lake, in Dakota County, where the typical home value in 2021 was $1,100,651, up from $984,124 (revised) in 2020.
For some context, the median sales price in all the Twin Cities metro in January 2022 was $332,250, according to the Twin Cities Housing Report from the Minneapolis and St. Paul Area Realtors associations.
The majority of $1 million-plus cities in the U.S. are clustered in San Francisco and New York, where each metro area has 76 $1 million-plus communities. There are 56 $1 million cities in the Los Angeles metro, 22 in San Jose metro, 18 in Boston metro, 16 in Seattle metro and 14 in Miami metro.
Indian Creek, Florida, which is a 300-acre island in Biscayne Bay in Miami, is the most expensive city to own a home in the U.S. — a typical home value is a whopping $28.3 million, Zillow says.
Coming in at No. 2 is Atherton, California, a town near San Francisco, where the typical home value is $7.7 million, according to Zillow.