Is Prior Lake, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Prior Lake is a seller's market

Buyer's
Market

Difference Since January 2022

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.

How much do homes in Prior Lake, MN cost?

Median Sold Price

$449,916

$187/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2022

+$39,847(+9.7%)

Key Takeaway

Homes in Prior Lake have sold for 9.7% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJan 2022Jan 2023%
1 $173K$192.5K
+11.3%
2 $249K$280K
+12.4%
3 $365K$385K
+5.5%
4 $487.2K$525K
+7.8%
5+ $570K$639K
+12.1%

Median Sold Price Compared To Nearby Cities

Shakopee
+12.3%
Prior Lake
+9.7%
Savage
+9.6%
Spring Lake Township
+5.2%
Credit River Township
+0.9%

How many homes are available in Prior Lake, MN?

Number of Homes For Sale

Dec 2022Jan 2023%
8880-9.1%

Homes For Sale By Bedroom Count

# BEDSDec 2022Jan 2023%
1 23
+50.0%
2 139
-30.8%
3 2727
0.0%
4 1916
-15.8%
5+ 2725
-7.4%

Number of Homes Sold

Dec 2022Jan 2023%
2415-37.5%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Prior Lake, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Average Sale Time

Jan 2022Jan 2023%
27 Days58 Days+111.9%

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Prior Lake are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Prior Lake, MN

Number of homes for sale in Prior Lake, MN real estate market have reached 80. In January 2023 in Prior Lake, MN there were 9.1% less homes for sale than in December 2022. In January 2023 median list price was $449,916 and the average listing age was 58 days. From December 2022 through January 2023, the following changes in listing prices were observed in this housing market: 1 bedroom properties prices increased by 11.3%, 2 bedrooms properties prices increased by 12.4%, the cost of 3 bedrooms properties went up by 5.5%, 4 bedrooms properties became 7.8% more expensive, prices of 5 bedrooms properties increased by 12.1%. Volume of homes for sale changed: 1 bedroom homes inventory increased by 50%, volume of 2 bedrooms homes went down by 30.8%, 3 bedrooms homes inventory did not change, the quantity of 4 bedrooms homes went down by 15.8%, 5 bedrooms homes became 7.4% less available. Over 3 listings were sold over their listed price in January 2023 in Prior Lake, MN. In the same period over 9 listings were sold below the listed price and 3 listings were sold for the listed price.

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