$4,156 Closing Credit*
$350,000
1,964 SqFt
2 Beds
•1 Full Bath
Listing Office: Add-Vantage Realty Inc
Is Prior Lake, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$513,000
$198/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$38,000(+8.0%)
Key Takeaway
Homes in Prior Lake have sold for 8% more than they did a year ago.
Summary: The median home sold price in Prior Lake was $513,000 in October 2024, up 8% from last year, and the median price per square foot was $198.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $220.5K | $240K | +8.8% |
| 2 Bedrooms | $283K | $310K | +9.5% |
| 3 Bedrooms | $390K | $390.5K | 0.1% |
| 4 Bedrooms | $568.5K | $540K | -5.0% |
| 5+ Bedrooms | $712.9K | $729.9K | +2.4% |
Summary: Prior Lake housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.8%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 0.1%, 4 bedroom homes decreased by 5%, and 5+ bedroom homes increased by 2.4%.
Median Sold Price Compared To Nearby Cities
| Prior Lake | $475K | $513K | +8.0% |
| Spring Lake Township | $727.5K | $766.6K | +5.4% |
| Shakopee | $380K | $394.4K | +3.8% |
| Savage | $409.6K | $425K | +3.7% |
| Credit River Township | $816K | $825K | +1.1% |
Housing Supply in Prior Lake, MN
How many homes are available in Prior Lake, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 194 | 185 | -4.6% |
Summary: The Prior Lake real estate market had 185 homes for sale in October 2024, a 4.6% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 2 | -60.0% |
| 2 Bedrooms | 17 | 14 | -17.6% |
| 3 Bedrooms | 56 | 57 | +1.8% |
| 4 Bedrooms | 64 | 54 | -15.6% |
| 5+ Bedrooms | 52 | 58 | +11.5% |
Summary: The Prior Lake housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes decreased by 17.6%, 3 bedroom homes increased by 1.8%, 4 bedroom homes decreased by 15.6%, and 5+ bedroom homes increased by 11.5%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 45 | 47 | +4.4% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
12 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. 46.8% of homes here sold below asking price last month.
Summary: A total of 47 homes were sold or pending in Prior Lake in October 2024, up by 4.4% month-over-month. Of the 47 sold homes, 47% were sold under asking, 28% were sold at asking, and 26% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 33 Days | 47 Days | +42.8% |
Summary: Homes in Prior Lake had an average of 47 days on market in Oct 2024, up by 42.8% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
7 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 October 2024, 47 homes were sold in Prior Lake; 55% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
