Explore Homes for Sale in Excelsior, MN Today

Welcome to Excelsior, MN

Excelsior is one of the few places in the Twin Cities where you can walk from a Victorian front porch to a lakeside restaurant in five minutes, then catch a 1906 steamboat from the same shoreline. The city covers less than one square mile on the southern shore of Lake Minnetonka, but it acts as the downtown for the whole South Lake area. It is walkable, historic, and very much a lake town, which is why homes here rarely stay on the market long.

This guide covers what buyers and sellers need to know about Excelsior: where it sits, what homes cost, how the historic district affects ownership, and what daily life looks like through all four seasons.

Where Excelsior Sits on Lake Minnetonka and in the West Metro

Excelsior is in Hennepin County, about 18 to 20 miles southwest of downtown Minneapolis. It borders two bays of Lake Minnetonka: Excelsior Bay and Gideon Bay. Gideon Bay is named for Peter Gideon, the horticulturist who developed the Wealthy apple nearby, which is the reason the town still holds an Apple Day every fall.

The city is almost completely surrounded by other small lake communities. Shorewood wraps around the south and west, Greenwood lies to the east, and Tonka Bay sits to the northwest. Excelsior has something those residential neighbors mostly don't: a real downtown. Most west metro suburbs spread their shopping along strip corridors. Excelsior's commercial life runs down Water Street, a compact historic main street that ends at the water.

Excelsior Real Estate Market Overview

Excelsior carries a clear price premium over the wider Twin Cities market. Four things drive it: a tiny land area, placement in the Minnetonka School District, lake access, and historic small-town character. You can't replicate those elsewhere, and the city can't grow outward, so inventory stays tight year after year.

The gap between median list and median sale price matters. Active listings lean toward high-end waterfront, while most closed sales are off-water homes, so list-price averages make Excelsior look more expensive than it often is. For buyers, the realistic entry point is usually a condo or a smaller home within walking distance of town.

Land is a large share of value here. Many buyers are really buying the lot, whether they plan to restore an older home or build new. Excelsior prices sit close to Wayzata and Deephaven. The difference is character: Wayzata's downtown feels more modern and commercial, and Excelsior's feels historic and village-scale.

Home Styles in Excelsior: Historic Homes, Cottages, and Lakeshore Properties

Housing in Excelsior falls into a few distinct groups, and knowing which one fits you narrows a search quickly.

Historic Victorians and Craftsman homes are concentrated in the village core around Water Street, Center Street, and College Avenue. Most date from the late 1800s to the 1920s and feature wraparound porches, steep gables, and original woodwork. They typically sell from about $800,000 to more than $2.5M, depending on how well the restoration was done. Quality of past updates matters more than square footage in this segment.

Vintage cottages and bungalows reflect Excelsior's history as a summer resort town. Many began as 1920s lake cottages, with some Craftsman bungalows and mid-century ramblers mixed in. Preserved cottages, usually 1,200 to 2,000 square feet, generally trade from $600,000 to $850,000.

New custom infill has replaced many original cottages on strong lots, mostly in Modern Farmhouse or coastal shingle styles with open plans and large windows. These homes usually run $1.5M to $3M or more.

Condos and townhomes near Water Street and Excelsior Bay appeal to downsizers and anyone wanting main-level living with less maintenance. Expect underground parking, balconies, and lake or downtown views, with prices from about $500,000 to more than $1.5M for penthouses and larger row homes.

Lakeshore and Lake Access Homes in Excelsior

On Lake Minnetonka, the question isn't just "Is it on the lake?" but "What kind of lake access comes with it?" In Excelsior, that answer can move a price by a million dollars or more.

Direct lakeshore homes on Excelsior Bay or Gideon Bay offer shoreline frontage, a private dock, and open bay views. Inventory is very limited. Prices generally start around $2.5M, and prime frontage exceeds $5M to $6M. Styles range from historic estates to classic shingle lake homes and contemporary glass-heavy builds.

Lake access homes don't sit on the water but still connect to it. Access tends to fall into three tiers:

• Deeded dock or slip rights, through an association or easement, carry a noticeable premium over standard off-water homes.
• Walking distance to the Commons gives residents the public beaches and shoreline without a private dock.
• Public or commercial marinas are the fallback for boat storage, though municipal slips often have multi-year waitlists.

Off-water homes close to town and the lake usually trade between $650,000 and $1.8M. Before you write an offer, confirm exactly what the dock arrangement is on paper. "Lake access" in a listing can mean very different things, and a deeded slip is worth far more than a hopeful spot on a waitlist.

Excelsior's Historic District and What It Means for Homeowners

The Excelsior Downtown Historic District preserves the village's late Victorian and early 20th-century streetscape. It is a big part of why the town looks the way it does, and it comes with rules buyers should understand before they close.

Properties that are local landmarks or contributing structures fall under the city's Heritage Preservation Commission. Exterior changes visible from the street need HPC approval before work begins. That includes window replacements, additions, siding changes, structural alterations, and roofline changes. Repainting in matching colors generally doesn't require complex approval, but switching materials, such as replacing wood siding with vinyl, runs into strict design guidelines. Teardowns inside the district are heavily restricted, so if you want to build new, you'll usually be looking outside it.

There is an upside. The design rules protect streetscape character and help stabilize resale value over time. The city also offers reduced building permit fees: up to 50% off for landmark properties and 25% off for contributing structures. Qualifying income-producing rehabilitations may also be eligible for federal historic preservation tax credits.

If you're buying in or near the district, plan your renovation budget and timeline around the review process from the start.

Downtown Excelsior and Water Street Shopping and Dining

Water Street runs straight down to Excelsior Bay and is the center of daily life. It is lined with independent businesses rather than chains, which gives the town its personality and a lot of its pull for buyers.

Shopping includes Excelsior Bay Books, art galleries, clothing boutiques, home decor shops, and antique stores. Dining ranges from casual to upscale. Maynard's is the big waterfront patio, and it draws boaters who tie up and walk in. Lago Tacos, Yumi Japanese, and Red Sauce Rebellion round out the options, and Excelsior Brewing Company, just off the main strip, is a regular gathering spot with live music and community events.

For homeowners, living within walking distance of Water Street is a lifestyle choice and a resale factor. Homes in the village core that let you leave the car at home tend to hold their value and sell quickly.

Excelsior Commons, Parks, and the Public Beach

The Excelsior Commons is a 13-acre public park right on the water, and it functions as the town's backyard. It has two sandy swimming beaches with buoyed swim areas, a historic baseball diamond, tennis and pickleball courts, open lawns, a bathhouse, and lakeside walking paths. The bandshell hosts the summer Concerts in the Commons series, community theater, and the Fourth of July celebration.

Next to the Commons is the Port of Excelsior, with public docks and mooring buoys. The Lake Minnetonka Regional Trail also passes through town on a crushed-limestone path, connecting walkers and cyclists to Shorewood, Deephaven, and Hopkins.

For buyers who want lake life without paying lakeshore prices, the Commons is the key amenity. It gives off-water homeowners daily access to beaches and shoreline just a short walk away.

Boating and Lake Life on Lake Minnetonka

Lake Minnetonka covers more than 14,000 acres, and Excelsior Bay is a main gateway to its lower bays. From here, boaters can reach Big Island, Wayzata Bay, and lakeside restaurants around the lake.

The city manages municipal mooring buoys and slips at the Port of Excelsior. Long-term slips are in high demand and waitlists can stretch several years, but transient docks are available for people boating into town for the day. The Port is also home to charter boats like Paradise Charter Cruises and the restored 1906 Steamboat Minnehaha.

The Lake Minnetonka Conservation District and the Hennepin County Sheriff's Water Patrol oversee the lake. The rules new lake owners run into most often are:

• Slow-no-wake speed (5 mph) within 300 feet of shoreline, docks, or anchored boats
• Designated quiet-water areas with specific speed or noise limits
• Strict enforcement of boating under the influence across all of the lake's bays

Minnetonka Public Schools Serving Excelsior Families

Excelsior is served by Minnetonka Public Schools (ISD 276), one of the highest-performing districts in Minnesota and a major reason families pay a premium to live here.

Students follow a clear path: Excelsior Elementary (K–5), Minnetonka Middle School West (6–8), and Minnetonka High School (9–12). Excelsior Elementary sits on Oak Street inside the city itself, so many families can walk to school, which is uncommon in the west metro.

The district is known for Spanish and Chinese dual language immersion starting in kindergarten. At the high school level, the VANTAGE program pairs students with real-world business projects alongside AP and IB coursework. Gifted and accelerated programming and a full K–12 online option, Tonka Online, are also available.

Commuting from Excelsior: Highway 7 and Access to Minneapolis

Highway 7 runs right through Excelsior and is the main commuting route east to Hopkins, St. Louis Park, and downtown Minneapolis, with a connection to I-494 for north-south travel. Highway 101 north offers another route toward Wayzata and I-394.

Express commuter buses run from park-and-ride lots to downtown Minneapolis during peak hours, and local bus service connects north toward the Ridgedale transit hub in Minnetonka. The trade-off is simple: a somewhat longer commute than inner-ring suburbs in exchange for a true lake-town lifestyle.

Community Events and Traditions in Excelsior

Excelsior's event calendar is part of why people choose it over quieter neighboring cities. Most events are organized by the Excelsior-Lake Minnetonka Chamber of Commerce and take place on Water Street or at the Commons.

Summer is the busiest season. Art on the Lake brings a juried art festival to the Commons in June. The Fourth of July starts with the Firecracker Run and ends with fireworks over Excelsior Bay. In mid-July, Crazy Days closes Water Street to traffic for four days of sidewalk sales and family activities. Concerts in the Commons fill summer evenings at the bandshell.

Fall brings Apple Day in September, a tradition since 1935 that honors the area's apple-growing roots with vendors, baking contests, and live music. From May into early fall, the Minnesota Streetcar Museum runs restored early-1900s streetcars on a preserved track near downtown.

Winter is quieter but far from empty. Ice fishing takes over Excelsior Bay, cross-country skiers use the regional trail, and holiday lighting brightens the downtown core.

Neighboring Communities: Shorewood, Greenwood, Deephaven, and Tonka Bay

Excelsior, Shorewood, Greenwood, Deephaven, and Tonka Bay were all once part of Excelsior Township. Each is its own city today, but they share the Minnetonka School District, and Excelsior, Shorewood, Tonka Bay, and Greenwood share the South Lake Minnetonka Police Department. Excelsior serves as the shared main street for all of them.

If Excelsior's inventory is too tight, these neighbors are the natural next step:

Buyers who want more land usually look at Shorewood. Those focused on boating often look at Tonka Bay. Buyers who want privacy and waterfront above all tend to look at Greenwood or Deephaven. Excelsior remains the choice for people who want to walk to everything.

Buying or Selling a Home in Excelsior with Steve Pemberton

In a market this small, the details decide the deal: whether a dock right is deeded, whether a home is a contributing structure in the historic district, and whether a lot's value outweighs the house on it. Steve Pemberton brings more than four decades of experience to those questions. He has closed over 3,000 properties and more than $1 billion in sales, ranked as the number one agent in Minnesota and among the top 10 in the country for Coldwell Banker, and specializes in upper-bracket residential properties like Excelsior's lakeshore and historic homes. He holds the CRS, SRES, GRI, and CDPE designations, and his background as a former real estate appraiser gives his pricing advice a strong foundation, whether you're buying a Water Street condo or listing a Gideon Bay estate.

Ready to explore Excelsior or find out what your home is worth? Call or text Steve at (612) 386-8570, email [email protected], or visit the office at 7645 Metro Blvd, Edina, MN 55439.