Published October 25, 2026 in Market Update

The tightest part of SW Suburbs is still moving very fast

By Sally Scrimgeour

Real estate, SW Suburbs

Nationally, Realtor.com reported that price cuts reached 20.8% of listings in September, the highest share since October 2022. That is the backdrop. Here in SW Suburbs, the tightest ZIP code tells a very different story. Pricing still matters everywhere, but strong homes in Chanhassen are moving fast.

The Real Estate Data Aggregator counted just 1.2 months of supply in ZIP 55317 (Chanhassen) for the three months ending August 31, 2026. That is down 0.5 months from the same period a year before. Less supply means buyers have fewer choices and less time to decide.

The Real Estate Data Aggregator found that 50% of Chanhassen homes went under contract within two weeks of listing. That share is up 4.1 points from a year ago. If you are a buyer here, slow decisions cost you homes.

How each ZIP code compared

The numbers below are from the Real Estate Data Aggregator for the three months ending August 31, 2026. Every ZIP moved at its own pace.

ZIP 55347 (Eden Prairie) had the most homes go under contract within two weeks: 52.4%, up 14.5 points from a year ago, per the Real Estate Data Aggregator. Its median sale price was $555,000, up 4.7%. Homes there sold in a median of 20 days.

ZIP 55346 (also Eden Prairie) saw 50.7% of homes go under contract within two weeks, the Real Estate Data Aggregator found. Homes for sale there jumped 83.3% from a year ago, so buyers have more options than they did. Median days on market was 21 days, though that is 6 days longer than a year before.

ZIP 55386 (Victoria) had a median sale price of $580,561, down 14% from a year ago, according to the Real Estate Data Aggregator. That dip is worth noting. Still, homes there sold at 100.3% of list price on average, and 39.3% sold above list.

The broader picture: Chaska, Excelsior, Waconia and Carver

ZIP 55318 (Chaska) had 2.2 months of supply, per the Real Estate Data Aggregator. Its median sale price rose 21.8% to $587,500. Median days on market was 32 days, which is 4 days longer than a year ago. Not every home moved fast there.

ZIP 55331 (Excelsior) also sat at 2.2 months of supply. Its median sale price was $882,500, up 8%, and median days on market dropped 12 days to just 22, the Real Estate Data Aggregator shows. That is a meaningful speed gain at that price point.

ZIP 55387 (Waconia) had 2.6 months of supply, up 0.3 months from a year ago. Median sale price dipped 1.5% to $485,000. Days on market was 33. More homes came to market there: new listings rose 65.1%, per the Real Estate Data Aggregator.

ZIP 55315 (Carver) had the most supply at 3.9 months, up 0.9 months from a year ago. Median days on market was 39 days, 8 days longer than last year. Only 24.2% of homes went under contract within two weeks, down 9.1 points. Carver is the one ZIP where buyers have more breathing room right now.

The whole market, in one place

More listings came to market across SW Suburbs, up 13% from a year ago per the Real Estate Data Aggregator. Yet homes for sale fell 3.9%. That means new listings are being absorbed quickly. Pending sales rose 5.1%, which points to continued buyer demand.

What the national numbers mean for you here

Realtor.com reported that mortgage rates climbed above 7% for the first time since January 2025. That is a real cost for buyers everywhere. The Federal Housing Finance Agency put national year-over-year price growth at 2.6% through July 2026.

SW Suburbs is outpacing that in several ZIPs. Chaska rose 21.8% and Chanhassen rose 13.5% year over year, per the Real Estate Data Aggregator. That does not mean every home here will follow. Victoria slipped 14% and Carver slipped 2.5% in the same period.

These are ZIP-code averages for the three months ending August 31, 2026. One street can read very differently from the whole ZIP. A home on a quiet cul-de-sac in Chaska may move faster or slower than the 32-day median. I am happy to look at what is happening closest to your address.