Prior Lake MN

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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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Prior Lake Housing Market Information

With a population of 26,401, 9,240 total housing units (homes and apartments), and a median house value of $320,502, 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%).

Prior Lake Home Appreciation Rates

Appreciation rates for homes in Prior Lake have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 16.88%, which ranks in the top 50% nationwide. This equates to an annual average Prior Lake house appreciation rate of 1.57%.

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 1.96%, 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 1.35%, which equates to an annual appreciation rate of 5.49%.

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.

Average Home Values


Median Home Value:


Value Range
> $1,194,000 2.3
$896,001 - $1,194,000 2.9
$597,001 - $896,000 10.1
$478,001 - $597,000 8.2
$358,001 - $478,000 20.4
$239,001 - $358,000 34.6
$120,001 - $239,000 19.3
$60,001 - $120,000 1.3
$0 - $60,000 0.9

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
17.5299270072993 11.2936344969199

Number Of Homes And Apartments:

Prior Lake Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
46.73% 1.99%
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,412 / per month

Homeownership Rate

Owners 83.30
Renters 16.70
Vacant 5.22

Housing Market Details


Age of Homes

2000 or Newer 34.5
1970 - 1999 52.5
1940 - 1969 10.4
1939 or Older 2.6

Types of Homes

Single-Family 68.5
Townhomes 20.5
Small Apt. Buildings 2.0
Apt. Complexes 8.7
Mobile Homes 0.2
Other 0.0

Home Size

No Bedroom 0.08
1 Bedroom 5.30
2 Bedrooms 19.22
3 Bedrooms 34.29
4 Bedrooms 30.29
5 or more bedrooms 10.81