Prior Lake, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q1 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 $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%).

Prior Lake Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$313,880

Prior Lake, MN HOME PRICES

Value Range
> $1,170,000 2.3
$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

Very High for MN
Very High for Nation

Value Relative to Nation Value Relative to State
17.8744525547445 11.2936344969199

Number Of Homes And Apartments:
9,240

Prior Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2019 Q1
43.71% 1.90%
4
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,381 / per month

Homeownership Rate

Homeownership
Owners 83.30
Renters 16.70
Vacant 5.22

Housing Market Details

 

Age of Homes

AGE OF Prior Lake HOMES
2000 or Newer 34.5
1970 - 1999 52.5
1940 - 1969 10.4
1939 or Older 2.6

Types of Homes

TYPE OF Prior Lake 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

SIZE OF Prior Lake HOMES
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