Is Prior Lake, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Prior Lake has remained a Seller's Market.
Key Takeaway
Prior Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Prior Lake, MN
How much do homes in Prior Lake, MN cost?
Median Sold Price
$481,600
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Prior Lake has remained the same since last year.
Summary: The median home sold price in Prior Lake was $481,600 in May 2024, up 0.2% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195.3K | $222.5K | +13.9% |
| 2 Bedrooms | $283K | $298.9K | +5.6% |
| 3 Bedrooms | $385.4K | $399K | +3.5% |
| 4 Bedrooms | $540K | $535K | -0.9% |
| 5+ Bedrooms | $679.9K | $720K | +5.9% |
Summary: Prior Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.9%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 3.5%, 4 bedroom homes decreased by 0.9%, and 5+ bedroom homes increased by 5.9%.
Median Sold Price Compared To Nearby Cities
| Credit River Township | $685K | $842.5K | +23.0% |
| Spring Lake Township | $670K | $746.5K | +11.4% |
| Shakopee | $370.9K | $390.6K | +5.3% |
| Prior Lake | $480.6K | $481.6K | 0.2% |
| Savage | $425K | $414.6K | -2.4% |
Housing Supply in Prior Lake, MN
How many homes are available in Prior Lake, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 168 | 201 | +19.6% |
Summary: The Prior Lake real estate market had 201 homes for sale in May 2024, a 19.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 17 | 21 | +23.5% |
| 3 Bedrooms | 56 | 58 | +3.6% |
| 4 Bedrooms | 55 | 65 | +18.2% |
| 5+ Bedrooms | 38 | 56 | +47.4% |
Summary: The Prior Lake housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 23.5%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 18.2%, and 5+ bedroom homes increased by 47.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 27 | 56 | +107.4% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Prior Lake, you could pay more than the asking price. 37.5% of homes here sold above asking price last month.
Summary: A total of 56 homes were sold or pending in Prior Lake in May 2024, up by 107.4% month-over-month. Of the 56 sold homes, 36% were sold under asking, 27% were sold at asking, and 38% were sold over asking.
Days on Market for Prior Lake, MN
How long does it take to sell a home in Prior Lake, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 25 Days | 28 Days | +11.2% |
Summary: Homes in Prior Lake had an average of 28 days on market in May 2024, up by 11.2% compared to last year.
Breakdown of Home Sale Times
37 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Prior Lake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 56 homes were sold in Prior Lake; 66% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
