Is Prior Lake, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$504,000
$192/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Prior Lake have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in Prior Lake was $504,000 in March 2024, up 2.3% from last year, and the median price per square foot was $192.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195.3K | $232.5K | +19.0% |
| 2 Bedrooms | $283K | $288.2K | +1.9% |
| 3 Bedrooms | $389K | $389K | 0.0% |
| 4 Bedrooms | $540K | $570K | +5.6% |
| 5+ Bedrooms | $690K | $720K | +4.3% |
Summary: Prior Lake housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19%, 2 bedroom homes increased by 1.9%, 3 bedroom homes did not change, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 4.3%.
Median Sold Price Compared To Nearby Cities
| Credit River Township | $685K | $875K | +27.7% |
| Spring Lake Township | $670K | $732.8K | +9.4% |
| Shakopee | $368.1K | $389.1K | +5.7% |
| Prior Lake | $492.8K | $504K | +2.3% |
| Savage | $426K | $418.3K | -1.8% |
Housing Supply in Prior Lake, MN
How many homes are available in Prior Lake, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 122 | 142 | +16.4% |
Summary: The Prior Lake real estate market had 142 homes for sale in March 2024, a 16.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 14 | 19 | +35.7% |
| 3 Bedrooms | 44 | 47 | +6.8% |
| 4 Bedrooms | 28 | 35 | +25.0% |
| 5+ Bedrooms | 36 | 40 | +11.1% |
Summary: The Prior Lake housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 35.7%, 3 bedroom homes increased by 6.8%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 25 | 29 | +16.0% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Prior Lake, you may be able to get a good deal. 55.2% of homes here sold below asking price last month.
Summary: A total of 29 homes were sold or pending in Prior Lake in March 2024, up by 16.0% month-over-month. Of the 29 sold homes, 55% were sold under asking, 17% were sold at asking, and 28% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 46 Days | 55 Days | +19.0% |
Summary: Homes in Prior Lake had an average of 55 days on market in Mar 2024, up by 19% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
8 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 March 2024, 29 homes were sold in Prior Lake; 55% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 28% of homes were sold over 90 days.
