Tonka Bay

Tonka Bay

Located in Hennepin County

$1,219,402 Average Value
$576 Average Price per Sq Ft
7 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.”

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

Tonka Bay Housing Trends

Housing Trends

Median List Price
$1,745,000
Median Sale Price
$1,772,500
Median Single Family Sale Price
$1,772,500
Median Townhouse Sale Price
$929,900
Median Change From 1st List Price
0%
Last 12 months Home Sales
8
Median Home Sale Price YoY Change
-$7
Average Price Per Sq Ft
$576

Neighborhood Facts

Number of Homes for Sale
7
Months of Supply
10.50

Open Houses

  • Saturday, May 31
    12 - 3pm

    30 Tonka Bay Ln, Excelsior, MN 55331

    $679,000

    • 5 Beds
    • 3 Baths
    • 3,386 Sq Ft
    • 30 Tonka Bay Ln
    • New 5 days ago

    Welcome to this beautifully maintained 5-bedroom, 3-bath home nestled in the highly sought-after TonkaBay community. Thoughtfully updated, this home features granite countertops, open layout, hardwoodfloors, a cozy 3-season porch, and inviting fireplace. Enjoy multiple outdoor spaces including a deck, abalcony, and a landscaped front-yard. The spacious game room, brand new carpeting, and fresh

    Saroj Aryal Bridge Realty, LLC

  • Sunday, Jun 1
    12 - 4pm

    22 W Point Place, Excelsior, MN 55331

    $929,900

    • 2 Beds
    • 2.5 Baths
    • 2,110 Sq Ft
    • 22 W Point Place

    Exceptionally appointed 2 story townhome on a shared (6 unit complex) 4 acre parcel with over 1100 feet of shoreline. Covered floating 32 foot dock slip for your watercraft and space for enjoyment with walking areas and a private island with firepit. Wood floors throughout main level with vaulted ceiling with skylights in living room. Quartz countertops in cherry cabinet kitchen with SS

    Steve Westmark RE/MAX Advantage Plus

  • Sunday, Jun 1
    1 - 5pm

    30 Interlachen Ln, Excelsior, MN 55331

    $1,274,900

    • 3 Beds
    • 2.5 Baths
    • 2,615 Sq Ft
    • 30 Interlachen Ln

    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

Homes for Sale

Homes for Rent

Distribution of Home Values

Source: Public Records

Average Home Value



Source: Public Records

Property Mix - Square Feet

Tonka Bay Has More Owners

Demographics

Total Population
1,657
Median Age
55
Population Density
3 ppl/acre
Population under 18
17.5%
Below the national average
23.8%
Population over 65
30.8%
Above the national average
19.1%

Finances

Median Household Income
$143,647
Significantly above the national average
$71,702
Average Household Income
$177,372

Education and Workforce

High School Graduates
99.2%
Above the national average
89.1%
College Graduates
57.3%
Above the national average
34.1%
Advanced Degrees
17.3%
% Population in Labor Force
72.8%

Weather

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