Minnesota · as of September 2026
What counts as luxury real estate in Minnesota
The convention this site uses
In Minnesota, this site treats homes at $1M and above as luxury. That is our own fixed band, set so the covered markets are the ones where the top of the market actually trades at that level. It is not a loan limit and it is not a median; the medians below are the middle of each market, and luxury inventory trades well above them. The rule and its reasoning are on the methodology page.
Minnesota's luxury markets by home value
Zillow Home Value Index, typical middle-tier home, latest month.
| Market | Median value | Ranked agents |
|---|---|---|
| Sunfish Lake | $1,250,000 | 10 |
| Orono | $1,154,000 | 10 |
| Deephaven | $1,081,000 | 10 |
| North Oaks | $959,000 | 10 |
| Wayzata | $945,000 | 10 |
| Minnetonka | $460,000 | 10 |
| Minneapolis | $340,000 | 10 |
What changes at this price in Minnesota
Each fact links to the statute or agency that says so. Facts we could not verify against an official source are left out rather than guessed.
- Transfer and mansion taxes
- Minnesota charges a deed tax of 0.33 percent of the price, and Hennepin and Ramsey counties add an environmental response fund tax of 0.01 percent, so a Minneapolis or St. Paul sale carries 0.34 percent. Source
- Agency and dual agency
- Minnesota permits dual agency only with the written consent of both buyer and seller, and a licensee must deliver the statutory Agency Relationships in Real Estate Transactions disclosure at the first substantive contact. Source
- Seller disclosure
- Minnesota sellers of residential property must disclose in writing all material facts they know that could adversely and significantly affect a buyer's use or enjoyment of the property, unless the buyer waives disclosure in writing. Source
- State estate or inheritance tax
- Minnesota levies its own estate tax on estates above a $3 million exemption, with graduated rates from 13 percent to 16 percent. Source