By Ulrich Real Estate Group
Buyers new to Lake Minnetonka usually arrive assuming Wayzata and Excelsior are versions of the same idea, and then spend an afternoon in each and come back with a clear favorite. They sit on opposite shores, they grew up around different pieces of the lake's history, and they feel different the moment you park the car. We love both, and the useful conversation is never which one is better but which one matches how you want your week to go.
Key Takeaways
- Wayzata spreads across more land with larger lots, while Excelsior packs a walkable village into a smaller footprint.
- Both towns anchor their own stretch of Lake Minnetonka shoreline with distinct histories.
- Housing in each reflects that difference in scale more than any difference in quality.
- The right fit usually comes down to whether you want space around you or everything within a few blocks.
What's the Main Difference Between Wayzata and Excelsior?
The clearest difference is scale. Wayzata covers about 3.1 square miles with roughly 4,350 residents, while Excelsior fits around 2,570 residents into just 0.6 square miles, according to
Census Reporter.
That contrast shapes daily life more than any other factor. Excelsior's density is what makes it so walkable, and Wayzata's additional land is what allows for the larger lots and longer lake frontage that many buyers come looking for.
How Each Town Feels Day to Day
- Excelsior concentrates its shops and restaurants along Water Street, so most errands happen on foot within a few blocks of home.
- Wayzata spreads its downtown along Lake Street with the lake directly alongside it, and the Lake Walk connects the shops to the water.
- Excelsior's compact layout means neighbors run into each other constantly, which many residents name as the reason they chose it.
- Wayzata's larger footprint gives more properties real separation and privacy, particularly as you move away from the downtown core.
- Both towns sit directly on Lake Minnetonka, which spans roughly 14,500 acres and 125 miles of shoreline across the region.
What Are the Homes Like in Each Town?
Both markets sit well above the county norm, and the gap between them says more about lot size and lake frontage than about the houses themselves. As of July 2026, the median sales price in Wayzata was $1,500,000 against $795,000 in Excelsior, while price per square foot landed within about twenty dollars of each other at $446 and $428, according to
Minneapolis Area REALTORS®.
That near-matching square-foot figure is the useful one. You're paying comparable rates for finished space in either town, and the difference in the headline number comes down to how much house and how much shoreline sits behind it.
What You'll Find in Each Market
- Wayzata offers more true lakefront estates with substantial frontage, along with newer construction on larger lots and luxury condominiums near downtown.
- Excelsior holds a concentration of restored Victorian and early-century cottages, many within an easy walk of Water Street and the lake.
- Wayzata's inventory includes a steady stream of custom builds and thoughtful rebuilds, since the lots support that kind of investment.
- Excelsior's smaller homes appeal strongly to buyers downsizing from larger properties who want to stay on the lake.
- Excelsior's inventory stays tight, with about 16 homes listed and under three months of supply in July 2026, so the right house there rewards a buyer who's ready.
- Wayzata's larger pool, closer to 55 listings, gives you more room to tour widely and compare before committing to one.
Which Town Should You Choose?
Choose Excelsior if you want to walk everywhere and be part of a village, and choose Wayzata if you want more land, more frontage, and a bit more room between you and the next house. Neither is a compromise, and we've had clients happily choose each after seeing both.
The lake itself is the constant. Whichever shore you land on, you're on the same water, and the Lake Minnetonka lifestyle that draws people here works beautifully from either town.
Questions Worth Asking Yourself
- Picture your ideal Saturday morning, and notice whether it involves walking to coffee or heading out to your own dock.
- Think about how much outdoor space you actually want to maintain, since Wayzata lots ask more of you than Excelsior lots do.
- Consider whether you want a historic home with character or a newer build with current systems, as each town leans a different direction.
- Ask how often you'll be entertaining, because the two towns accommodate hosting very differently.
- Spend an evening in each before deciding, since both feel quite different after dinner than they do at noon.
Frequently Asked Questions
Is Wayzata or Excelsior a better investment?
Both have held their value well, largely because lakefront supply around Lake Minnetonka doesn't grow. We'd focus less on which town appreciates faster and more on which property you'd be happy owning for a long time.
Can we find lakefront in both towns?
Yes, though Wayzata generally offers more properties with substantial private frontage, while Excelsior has more homes that are a short walk from the water rather than directly on it.
Which town has more inventory?
Wayzata typically has more homes available simply because it's larger. Excelsior's smaller size means fewer listings at any given moment, so buyers there often need to be ready to move when something surfaces.
Reach Out to Ulrich Real Estate Group Today
We've helped buyers settle this question many times, and the fastest way through it is usually to walk both downtowns with someone who can tell you what's about to come to market in each. We know these towns well enough to tell you which blocks fit what you're describing and which ones won't.
Whether you're relocating to Lake Minnetonka from out of state or moving across the water from a home you already love, we'd be glad to help you compare them properly. Reach out to us at
Ulrich Real Estate Group, and let's plan a day to see both.
