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Featured local agent — Tonka Bay, MN
Sarah Mitchell
Compass Real Estate · Tonka Bay, MN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Tonka Bay, MN Housing Market & Real Estate
Housing market overview · Updated monthly ·
$421,736median sale price
How is the Tonka Bay, MN housing market right now?
The median home sale price in Tonka Bay, MN is $421,736, down 70.5% year-over-year. Homes sell in an average of 29 days with 10 active listings. The market is currently a seller's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Tonka Bay a buyer's or seller's market?
Tonka Bay, MN is currently a seller's market, based on 5.0 months of supply and homes selling in about 29 days. How we determine this →
Homes sold
2
Last 12 weeks
Days on market
29
Average pace
Active listings
10
5.0 months supply
Sale-to-list
103.9%
Above asking
What does the Tonka Bay housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $421,736 |
| Median list price | $2.10M |
| Year-over-year price change | -70.5% |
| Average days on market | 29 days |
| Active inventory | 10 listings |
| Months of supply | 5.0 months |
| Sale-to-list price ratio | 103.9% |
| Median price per sq ft | $220/sq ft |
| Homes sold (latest month) | 2 |
| New listings (latest month) | 5 |
| Listings with a price cut | 10.0% |
| Market condition | Seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Tonka Bay by property type?
How the Tonka Bay, MN market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $421,736 | $220/sq ft | 2 | 29 days |
| Townhouse | $760,000 | $234/sq ft | 1 | 3 days |
Source: Redfin · Updated monthly
The Tonka Bay housing market is currently classified as a seller's market with a median sale price of $421,736. Prices have fallen 70.5% compared to last year, with homes spending an average of 29 days on market, indicating 5.0 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 7.5x provides context for how home values compare to local earning capacity.
Homes for sale in Tonka Bay
There are currently 10 homes listed for sale in Tonka Bay, Minnesota. The median listing price is $2.1M.
Active listings
10
Homes on market
Median list price
$2.1M
Avg. days on market
29
Days until sale
New this week
5
Newly listed
Who lives in Tonka Bay?
Population
1,361
Median income
$151,563/yr
Median age
57.7 years
Owner-occupied
86.8%
College grads
64.8%
Avg commute
26.1 min
Source: U.S. Census Bureau ACS
What are homes worth in Tonka Bay?
Zillow home value
$1.14M
Zillow rent index
$3,395/mo
Price-to-rent ratio
28.1x
Price-to-income
7.5x
Source: Zillow Research
What is it like to live in Tonka Bay?
Tonka Bay is a community of approximately 1K residents with a median age of 57.7 years.The median household income is $151,563, which reflects a relatively affluent area with strong earning potential. 64.8% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 86.8%, reflecting strong community stability and long-term resident commitment. The average commute time is 26.1 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Tonka Bay offers a balanced lifestyle with accessible home values relative to local income levels.
Which cities are near Tonka Bay, MN?
Want a head-to-head view? Compare Tonka Bay side-by-side with any other U.S. city using our market-comparison tool.
Is Tonka Bay a good real estate investment market?
For investors evaluating Tonka Bay, the price-to-rent ratio of 28.1x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has softened 70.5% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Tonka Bay's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Tonka Bay's median home price.
Frequently asked questions
What is the average home price in Tonka Bay?
The median home sale price in Tonka Bay is $421,736, down 70.5% from last year.
How long do homes stay on market in Tonka Bay?
Homes typically spend 29 days on market before going under contract.
What is the median income in Tonka Bay?
The median household income is $151,563 per year.
Is Tonka Bay a buyer's or seller's market?
With 5.0 months of supply, Tonka Bay is currently a seller's market.
What is the Zillow home value estimate for Tonka Bay?
The Zillow Home Value Index (ZHVI) for Tonka Bay is $1.14M, representing the typical home value in the area.
How much does a single-family home cost in Tonka Bay?
The median single-family home price in Tonka Bay, MN is $421,736 (about $220 per square foot).
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