Prior Lake, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Prior Lake Neighborhoods Since 2000




Prior Lake, MN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Prior Lake Housing Market Information

With 25,282 people, 8,837 houses or apartments, and a median cost of homes of $285,107, Prior Lake real estate is some of the most expensive in Minnesota, although Prior Lake home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Prior Lake, accounting for 69.17% of the city's housing units. Other types of housing that are prevalent in Prior Lake include row houses and other attached homes ( 19.83%), large apartment complexes or high rise apartments ( 8.77%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.21%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Prior Lake. Owner-occupied housing accounts for 82.12% of Prior Lake's homes, and 64.04% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Prior Lake built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Prior Lake built between 2000 and later ( 34.67%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.96%). There's also some housing in Prior Lake built before 1939 ( 4.05%).

Prior Lake Home Appreciation Rates

Prior Lake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Prior Lake during the period has been just -0.91%, which is lower than 70% of US communities.

Appreciation rates are so strong in Prior Lake that despite a nationwide downturn in the housing market, Prior Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Prior Lake appreciation rates continue to be some of the highest in America, at 6.20%, which is higher than appreciation rates in 75.81% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Prior Lake. Prior Lake appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.89%.

Relative to Minnesota, our data show that Prior Lake's latest annual appreciation rate is higher than 70% of the other cities and towns in Minnesota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Prior Lake differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Prior Lake - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Prior Lake real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$285,107

Prior Lake, MN HOME PRICES

Value Range
> $1,174,000 2.4
$880,001 - $1,174,000 2.5
$587,001 - $880,000 9.9
$470,001 - $587,000 7.0
$352,001 - $470,000 17.4
$235,001 - $352,000 34.5
$118,001 - $235,000 22.0
$59,001 - $118,000 3.0
$0 - $59,000 1.3

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
17.9245283018868 12.7310061601643

Number Of Homes And Apartments:
8,837

Prior Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
32.83% 1.66% 4 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,562 / per month

Homeownership Rate

Homeownership
Owners 82.12
Renters 17.88
Vacant 5.03

Housing Market Details

 

Age of Homes

AGE OF Prior Lake HOMES
2000 or Newer 34.7
1970 - 1999 50.3
1940 - 1969 11.0
1939 or Older 4.1

Types of Homes

TYPE OF Prior Lake HOMES
Single-Family 69.2
Townhomes 19.8
Small Apt. Buildings 2.2
Apt. Complexes 8.8
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Prior Lake HOMES
No Bedroom 0.00
1 Bedroom 4.37
2 Bedrooms 21.50
3 Bedrooms 35.20
4 Bedrooms 28.84
5 or more bedrooms 10.08