Prior Lake, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Prior Lake, MN Real Estate Data


Prior Lake Housing Market Information

With 25,282 people, 8,773 houses or apartments, and a median cost of homes of $331,570, Prior Lake house prices are not only among the most expensive in Minnesota, Prior Lake real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Prior Lake, accounting for 68.11% of the city's housing units. Other types of housing that are prevalent in Prior Lake include row houses and other attached homes ( 19.60%), large apartment complexes or high rise apartments ( 9.63%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.26%).

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 83.41% of Prior Lake's homes, and 63.80% 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 ( 35.95%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.85%). There's also some housing in Prior Lake built before 1939 ( 3.23%).

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 -0.99%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Prior Lake's appreciation rate, at 5.14%, has been at or slightly above the national average. In the latest quarter, Prior Lake's appreciation rate has been 2.70%, which annualizes to a rate of 11.26%.

Importantly, this makes Prior Lake one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Minnesota, our data show that Prior Lake's latest annual appreciation rate is higher than 50% 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:
$331,570

Prior Lake, MN HOME PRICES

Value Range
> $1,186,000 2.4
$890,001 - $1,186,000 3.0
$593,001 - $890,000 9.2
$475,001 - $593,000 7.5
$356,001 - $475,000 16.8
$237,001 - $356,000 33.6
$119,001 - $237,000 23.6
$59,001 - $119,000 2.4
$0 - $59,000 1.5

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
14.0100720267026 7.18685831622177

Number Of Homes And Apartments:
8,773

Rent & Ownership

 

Average Market Rent:
$1,534 / per month

Homeownership Rate

Homeownership
Owners 83.41
Renters 16.59
Vacant 4.22

Housing Market Details

 

Age of Homes

AGE OF Prior Lake HOMES
2000 or Newer 35.9
1970 - 1999 50.0
1940 - 1969 10.9
1939 or Older 3.2

Types of Homes

TYPE OF Prior Lake HOMES
Single-Family 68.1
Townhomes 19.6
Small Apt. Buildings 2.3
Apt. Complexes 9.6
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Prior Lake HOMES
No Bedroom 0.11
1 Bedroom 4.79
2 Bedrooms 20.99
3 Bedrooms 36.45
4 Bedrooms 27.35
5 or more bedrooms 10.31

Prior Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
32.59% 1.67% 4 3
* 10 is highest