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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 26,401, 9,240 total housing units (homes and apartments), and a median house value of $313,880, 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 68.50% of the city's housing units. Other types of housing that are prevalent in Prior Lake include row houses and other attached homes ( 20.54%), large apartment complexes or high rise apartments ( 8.74%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.01%).
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 83.30% of Prior Lake's homes, and 64.58% 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 ( 34.51%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.43%). There's also some housing in Prior Lake built before 1939 ( 2.55%).
Real estate appreciation rates in Prior Lake's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.98% during the period.
Over the last year, Prior Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Prior Lake's appreciation rate has been 2.43%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Prior Lake were at -0.72%, which equates to an annual appreciation rate of -2.86%.
Notably, Prior Lake's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Minnesota, our data show that Prior Lake's latest annual appreciation rate is lower than 60% 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.
|$877,001 - $1,170,000||3.1|
|$585,001 - $877,000||11.4|
|$468,001 - $585,000||8.8|
|$351,001 - $468,000||20.3|
|$234,001 - $351,000||33.2|
|$117,001 - $234,000||18.8|
|$59,001 - $117,000||1.1|
|$0 - $59,000||0.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
2000 Q1 - 2019 Q1
|* 10 is highest|
|AGE OF Prior Lake HOMES|
|2000 or Newer||34.5|
|1970 - 1999||52.5|
|1940 - 1969||10.4|
|1939 or Older||2.6|
|TYPE OF Prior Lake HOMES|
|Small Apt. Buildings||2.0|
|SIZE OF Prior Lake HOMES|
|5 or more bedrooms||10.81|