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.

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4364 Priorwood St SE, Prior Lake, MN 55372

Coming Soon

$385,000

3

2

2,455 SqFt

4364 Priorwood St SE, Prior Lake MN, 55372

Listing Office:

Edina Realty, Inc.

#6310639

MLS logo
4163 Marsh Dr NE, Prior Lake, MN 55372

$845,270

4

2 Full, 1 Partial

3,123 SqFt

4163 Marsh Dr NE, Prior Lake MN, 55372

Listing Office:

Robert Thomas Homes, Inc.

#6329777

MLS logo
4171 Pleasant St SE, Prior Lake, MN 55372

$315,000

4

1

2,385 SqFt

4171 Pleasant St SE, Prior Lake MN, 55372

Listing Office:

RE/MAX Preferred

#6325682

MLS logo
5267 Shore Trl NE, Prior Lake, MN 55372

$399,000

3

1

1,672 SqFt

5267 Shore Trl NE, Prior Lake MN, 55372

Listing Office:

RE/MAX Results

#6329504

MLS logo
15362 Fish Point Rd SE, Prior Lake, MN 55372

$1,349,900

3

1

2,794 SqFt

15362 Fish Point Rd SE, Prior Lake MN, 55372

Listing Office:

Coldwell Banker Realty

#6325702

MLS logo
5845 Pinnacle Cir NE, Prior Lake, MN 55372

$594,900

4

1 Full, 1 Partial

2,271 SqFt

5845 Pinnacle Cir NE, Prior Lake MN, 55372

Listing Office:

Engel & Volkers Lake Minnetonka

#6329407

MLS logo
16218 Parkview Dr SE, Prior Lake, MN 55372

$475,000

4

1 Full, 1 Partial

2,294 SqFt

16218 Parkview Dr SE, Prior Lake MN, 55372

Listing Office:

Coldwell Banker Realty

#6329371

MLS logo
5253 Shore Trl NE, Prior Lake, MN 55372

$365,000

3

1

860 SqFt

5253 Shore Trl NE, Prior Lake MN, 55372

Listing Office:

RE/MAX Results

#6328187

MLS logo
4680 Tower St SE Unit 211, Prior Lake, MN 55372

$119,000

1

1

925 SqFt

4680 Tower St SE Unit 211, Prior Lake MN, 55372

Listing Office:

RE/MAX Professionals

#6329235

MLS logo
3224 Maple Dr SW, Prior Lake, MN 55372

$750,000

5

3 Full, 1 Partial

4,391 SqFt

3224 Maple Dr SW, Prior Lake MN, 55372

Listing Office:

Edina Realty, Inc.

#6311705

MLS logo
3633 Jeffers Pkwy NW, Prior Lake, MN 55372

$499,900

3

1 Full, 1 Partial

2,491 SqFt

3633 Jeffers Pkwy NW, Prior Lake MN, 55372

Listing Office:

Re/Max Advantage Plus

#6328220

MLS logo
14254 Epperson Cir NE, Prior Lake, MN 55372

$600,000

5

3

3,166 SqFt

14254 Epperson Cir NE, Prior Lake MN, 55372

Listing Office:

RE/MAX Advantage Plus

#6326049

MLS logo

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.

MLS Disclaimers and Copyright

Based on information from NorthStar of Minnesota / Regional Multiple Listing Service of Minnesota Inc. for the period 02/01/2021 - 02/01/2023

Broker Reciprocity Copyright © 2023 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.

By searching, you agree to the EULA Terms Agreement.

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity℠ Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity℠ logo or the Broker Reciprocity℠ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some or all of the property listings above may have been submitted to the Regional Multiple Listing Service (RMLS) by the listing broker for distribution to cooperating brokers through Broker reciprocity. Attribution of the listing broker may be found on the detail page for all properties. The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.

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DMCA Notice
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/7/2023, 11:52:51 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

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