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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Prior Lake, MN Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Prior Lake, MN Housing Market Trends

With 28,133 people, 10,021 houses or apartments, and a median cost of homes of $482,880, 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 69.74% of the city's housing units. Other types of housing that are prevalent in Prior Lake include row houses and other attached homes ( 18.28%), large apartment complexes or high rise apartments ( 10.95%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.03%).

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 85.97% of Prior Lake's homes, and 62.55% 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 ( 43.64%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.56%). There's also some housing in Prior Lake built before 1939 ( 1.21%).

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 5.36% 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 1.95%, 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 -2.13%, which equates to an annual appreciation rate of -8.26%.

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 80% 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

$482,880

Prior Lake, MN Home Prices
> $1,206,000
$904,001 - $1,206,000
$603,001 - $904,000
$482,001 - $603,000
$362,001 - $482,000
$241,001 - $362,000
$121,001 - $241,000
$60,001 - $121,000
$0 - $60,000
6.3%
6.3%
6.7%
6.7%
19.6%
19.6%
16.4%
16.4%
25.4%
25.4%
18.8%
18.8%
4.2%
4.2%
1.6%
1.6%
1.2%
1.2%
0% 100.0%
% of Homes
Very High

for Minnesota

Very High

for nation

Number of Homes And Apartments:

10,021

Prior Lake Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,622 / per month

Homeownership Rate

Owners
Renters
86.0%
86.0%
14.0%
14.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.9%
2.9%
97.1%
97.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
43.6%
43.6%
46.6%
46.6%
8.6%
8.6%
1.2%
1.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
69.7%
69.7%
18.3%
18.3%
1.0%
1.0%
11.0%
11.0%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
5.5%
5.5%
15.9%
15.9%
30.8%
30.8%
31.7%
31.7%
14.9%
14.9%
0% 100.0%
% of Homes