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Tonka Bay

Tonka Bay

Suburban Neighborhood in Minnesota

Hennepin County 55331

$1,219,151 Average Value
$540 Average Price per Sq Ft
6 Homes For Sale

A jewel on lovely Lake Minnetonka, tiny Tonka Bay is the smallest of the lakeside communities at just under one square mile. Only 20 miles west of downtown Minneapolis, this sleepy city somehow feels a world away from the hustle and bustle. Lake life is real in this luxury locale, an ideal home for outdoor enthusiasts and those seeking an active lifestyle in a picture-perfect setting. “We had a friend visit from out of state this summer, and she marveled, saying it was like we’re on vacation all the time,” says Tonka Bay City Council Member Tim Connelly. “And that’s how it feels to a large extent, particularly in the summer, because we’re out on the lake every day soaking up the sun.”

Incorporated in 1901, history had already been made by that time in Tonka Bay. In 1864, noted Horticulturist Peter Gideon claimed 160 acres of what is now the city and propagated the Wealthy apple, which can survive the notorious Minnesota winters and was named after his wife. His community contributions led to the naming of Gideon Bay, which still exists today. In 1908, the Minnetonka Boat Club on Echo Bay drew people in droves. That would eventually become the Tonka Bay Marina, the largest full-service marina on Lake Minnetonka, built on the site of the historic Tonka Bay Hotel.

Tonka Bay is a coveted and exclusive community, and the highly competitive real estate market reflects that. Buyers on a budget beware – the 12-month median price was $1.8 million in October 2023. There is limited inventory under $1 million, with lakefront home prices that can climb as high as $6 million. “We have a high percentage of homes on the lake because we’re kind of a peninsula, so that drives up the cost,” Connelly says. Tonka Bay’s earliest homes were built around the turn of the 20th century, but construction has stayed slow and steady, with an average of about 50 homes built or rebuilt every decade since 1970. “In terms of our housing stock, we’re pretty well built out now, and redevelopment is the only opportunity,” Connelly says. “Aside from a small parcel of town houses that are being built, what we have is what we have.”

Families with children in Tonka Bay are served by the Minnetonka Public School District, named the second-best district in Minnesota by Niche in 2023. "A Minnetonka education is on par with, and in many cases superior to, a more expensive private education," Connelly says. Students may start their education at Minnewashta Elementary School in nearby Shorewood. The school offers the state’s premier Spanish language immersion program beginning in kindergarten. Minnetonka West Middle School in Chaska was named a National Blue Ribbon School in 2021 and recognized for outstanding commitment to music education in 2022. At Minnetonka Senior High School in Minnetonka, at least 68% of students are proficient in math and 80% in reading.

Primarily residential and quiet by design, Tonka Bay has limited commercial development. “If you need groceries or want to spend a night on the town, you’re probably going to Excelsior,” Connelly says. But there are a few entertainment and dining destinations within city borders. Famously warm and rustic, Caribou Coffee on Manitou Road is a national chain java joint known for its signature drinks and breakfast options. Next door is Hazelwood Food and Drink, a well-known local chain with four locations in the Twin Cities. Known for delicious and fresh modern comfort food, this trendy venue is open seven days a week and is a popular breakfast and brunch spot on the weekends. Outdoor patio seating in the summer months is spacious and lush, boasting plentiful planters potted with vibrant flowers. Country Club Lanes is the perfect place for a neighborhood meetup or birthday party.

Rich in waterfront, Tonka Bay’s beautiful surroundings include expansive green spaces, public parks and plenty of water access. “It’s kind of neat to just have wildlife in your backyard,” Connelly says. “We see a lot of deer and the occasional fox, then you’ve got owls hooting at you from the trees.” Situated on Echo Bay, Tonka Bay Marina sits adjacent to Wekota Beach and Park. “Manitou Park is our flagship park, and we’re redoing that right now,” Connelly says. “We put in a new baseball field, and we’re going to put in another baseball field, a playground with a new play structure, and a hockey rink with a warming house.”

Tonka Bay is already a destination for prospective new residents, but the city’s forward-facing vision for the future makes it an even more attractive locale. “The big project in town right now is the replacement of our water main,” Connelly says. “We’re investing millions of dollars and trying to improve our infrastructure.” The city then plans to resurface every road in town, starting at the south end and working its way north. “It’s not the sexiest things you can put your money into, but they will enhance our quality of life for many years to come,” Connelly says. “That’s kind of where we are as a city right now.”

Amber Steinmetz-Cole
Written By
Amber Steinmetz-Cole
Photography Contributed By
Pat Vasquez-Cunningham
Jackson Nacey
Video By
Jackson Nacey

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Schools

Source:
GreatSchools: The GreatSchools Rating helps parents compare schools within a state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 (below average) to 10 (above average) and can include test scores, college readiness, academic progress, advanced courses, equity, discipline and attendance data. We also advise parents to visit schools, consider other information on school performance and programs, and consider family needs as part of the school selection process. View GreatSchools Rating Methodology

Interested in learning more about homes in this area? Reach out to Jessica M. Jacobson, an experienced agent in this neighborhood.

Parks in this Area

Transit

Airport

Minneapolis-St Paul International/Wold-Chamberlain

37 min drive

Crime and Safety

1 - Low Crime, 10 - High Crime Tonka Bay US
Homicide 1 4
Sexual Assault 1 4
Assault with Weapon 1 4
Robbery 1 4
Burglary 1 4
Motor Vehicle Theft 1 4
Larceny 1 4
Crime Score 1 4

Source: WhatIsMyCrimeRisk.com

Demographics and Home Trends

Home Trends

Median Price (12 Mo)
$1,745,000
Median Single Family Price
$1,772,500
Median Townhouse Price
$995,000
Average Price Per Sq Ft
$540
Number of Homes for Sale
6
Last 12 months Home Sales
21
Months of Supply
3.40
Median List Price
$1,745,000
Median Discount From 1st List Price
0%
Median Home Sale Price YoY Change
-5%

Home Facts

Number of Homes in Neighborhood
573
Median Year Built
1971
Avg. Single Family Home Size Sq Ft
2,402
Above the national average
1,935
Average Townhouse Size Sq Ft
2,127
Median Lot Size Sq Ft
16,552

Open Houses

  • Sunday, Apr 27
    3 - 5pm

    95 Birch Bluff Rd, Excelsior, MN 55331

    $2,195,000

    • 4 Beds
    • 3.5 Baths
    • 5,209 Sq Ft
    • 95 Birch Bluff Rd
    • New 4 days ago

    This approximately 5,200 square foot newer built home sits on a .69 acre private, wooded lot with wetland views. The home offers four bedrooms, four bathrooms and six heated garage stalls with a great workshop area. The home is located within the Minnetonka school district, providing access to quality educational opportunities. The home features vaulted wood beamed ceilings and walls of glass,

    Kelle Bowe Coldwell Banker Realty

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  • Sunday, Apr 27
    1 - 3pm

    30 Interlachen Ln, Excelsior, MN 55331

    $1,350,000

    • 3 Beds
    • 2.5 Baths
    • 2,615 Sq Ft
    • 30 Interlachen Ln
    • New 24 days ago

    First time available in over 30 years. Prime fully remodeled walkout 3 bedroom, 3 bath, 2 fireplaces, 3 car heated garage, on half acre lot with owned out lot on Lafayette Bay, Lake Minnetonka. Power to dock area. See Supplement for extensive list of improvements. Cherry Cabinets, Granite counter tops, Andersen Windows. Deluxe owners' bathroom, heated floors. House comes with a brand-new

    Paul Larson Coldwell Banker Realty

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Distribution of Home Values

Source: Public Records

Homes for Sale

Interested in learning more about homes in this area? Reach out to Jessica M. Jacobson, an experienced agent in this neighborhood.

Average Home Value




Source: Public Records

Property Mix - Square Feet

This Neighborhood Has More Owners

Demographics

Total Population
1,480
Median Age
55
Population Density
3 ppl/acre
Population under 18
17.6%
Below the national average
23.8%
Population over 65
30.7%
Above the national average
19.1%

Finances

Median Household Income
$143,627
Significantly above the national average
$71,702
Average Household Income
$177,782

Education and Workforce

High School Graduates
99.2%
Above the national average
89.1%
College Graduates
57.8%
Above the national average
34.1%
Advanced Degrees
17.5%
% Population in Labor Force
72.9%

Weather

Annual Precipitation
33''
Average Winter Low Temperature
6°F
Average Summer High Temperature
81°F
Annual Snowfall
60''

Area Factors

Somewhat Bikeable

Bike Score®

27 / 100

Car-Dependent

Walk Score®

8 / 100
Source: Walk Score
Source: Walk Score

Sound Score® measures the noise level of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.

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Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. Our sources include: Accuweather, Public Records and Neustar. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
NEIGHBORHOOD
Tonka Bay