In my previous posting—Home Prices in Minnetonka—I concluded that, based on values during the past 11 years, now is as good a time as any to purchase a previously owned home in Minnetonka. I supported that conclusion by using property data that is specifically relevant to Minnetonka. You can view that report here.
I haven’t completed my research on Minnetonka, however. The city is served by two school districts: Minnetonka and Hopkins. Let’s take a closer look at real estate sale information for homes in both school districts.
I’m motivated to examine homes for sale in specific school districts because I live in Minnetonka—within the Hopkins School District borders—but my children will attend schools in the Minnetonka School District. The Minnetonka School District is comprised of 10 communities; the Hopkins School District includes seven communities. You can view those communities here at LG Minnetonka and LG Hopkins.
Both the Minnetonka and Hopkins school districts are highly rated, arguably two of the best in the Twin Cities area, which is a significant reason for the higher property values in the communities they serve. The median value for previously owned, single-family homes sold above $270,000 in the Minnetonka School District area is $435,000, while the median value in the Hopkins School District area is $385,000.
The previous peak value for homes in the Minnetonka School District area—excluding lakeshore homes—was $430,000 in 2008, $5,000 less than today’s. These figures support my belief that now is a good time to buy a home in this area.
In the Hopkins School District area, the peak value of homes is $380,000, compared to a peak of $360,000 in 2007. It’s not a large increase, but it’s greater than that in the Minnetonka School District area.
The Hopkins School District area is unique. In my next posting, I’ll explore that and share with you why using the same data parameters as those for the Minnetonka School District area can be misleading.