Market Overview
Home Prices in Tonka Bay, MN
The median home value in Tonka Bay, MN is $1,143,052 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.6% compared to a year ago and up 4.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Tonka Bay are priced179% above average. Tonka Bay is part of the Minneapolis-St. Paul-Bloomington, MN-WI metro area.
Over the past five years, Tonka Bay home values have risen by approximately34.3%, reflecting strong long-term appreciation in this market.
Price History
Tonka Bay Home Price Trend
City Comparison
Tonka Bay vs. National Median
At $1,143,052, homes in Tonka Bay cost 179% above the national median of $410,000. Buyers in Tonka Bay should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Tonka Bay?
20% Down Payment
$228,610
on $1,143,052
Monthly P&I
$5,961/mo
30-yr @ 6.8%
Total Monthly Est.
~$7,570/mo
incl. taxes & insurance
Income Needed
$302,800
gross annual (30% rule)
10% Down Option
$114,305
+ PMI applies
Loan Amount (20% dn)
$914,442
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Tonka Bay, MN?
The median home value in Tonka Bay is $1,143,052 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.6% year-over-year.
How much have home prices changed in Tonka Bay?
Over the past year, home values in Tonka Bay have increased by 8.6%. Over five years, prices have risen approximately 34.3%.
How much do I need to earn to buy a home in Tonka Bay?
To comfortably afford the median home price of $1,143,052 with a 20% down payment ($228,610) at today's rates (6.8%), you'd need a gross annual income of approximately $302,800. This assumes keeping total housing costs at or below 30% of gross income.
How does Tonka Bay compare to the national average home price?
The national median home value is approximately $410,000. At $1,143,052, homes in Tonka Bay are 179% above the national average.
What metro area is Tonka Bay part of?
Tonka Bay is part of the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.