$4,036 Closing Credit*
$339,900
1,690 SqFt
3 Beds
•1 Full Bath
Listing Office: eXp Realty
Is Prior Lake, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$513,800
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$28,675(+5.9%)
Key Takeaway
Homes in Prior Lake have sold for 5.9% more than they did a year ago.
Summary: The median home sold price in Prior Lake was $513,800 in November 2024, up 5.9% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $229.7K | $231.2K | +0.7% |
| 2 Bedrooms | $284K | $304.9K | +7.4% |
| 3 Bedrooms | $389K | $396.7K | +2.0% |
| 4 Bedrooms | $570K | $530K | -7.0% |
| 5+ Bedrooms | $720K | $743.4K | +3.3% |
Summary: Prior Lake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.7%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 2%, 4 bedroom homes decreased by 7%, and 5+ bedroom homes increased by 3.3%.
Median Sold Price Compared To Nearby Cities
| Spring Lake Township | $720K | $768K | +6.7% |
| Prior Lake | $485.1K | $513.8K | +5.9% |
| Shakopee | $380K | $395.7K | +4.1% |
| Savage | $418.7K | $425K | +1.5% |
| Credit River Township | $835K | $830K | -0.6% |
Housing Supply in Prior Lake, MN
How many homes are available in Prior Lake, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 165 | 137 | -17.0% |
Summary: The Prior Lake real estate market had 137 homes for sale in November 2024, a 17.0% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 14 | 14 | 0.0% |
| 3 Bedrooms | 51 | 43 | -15.7% |
| 4 Bedrooms | 46 | 35 | -23.9% |
| 5+ Bedrooms | 52 | 44 | -15.4% |
Summary: The Prior Lake housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 15.7%, 4 bedroom homes decreased by 23.9%, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 53 | 38 | -28.3% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
11 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. 50% of homes here sold below asking price last month.
Summary: A total of 38 homes were sold or pending in Prior Lake in November 2024, down by 28.3% month-over-month. Of the 38 sold homes, 50% were sold under asking, 21% were sold at asking, and 29% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 36 Days | 42 Days | +16.2% |
Summary: Homes in Prior Lake had an average of 42 days on market in Nov 2024, up by 16.2% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
5 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 November 2024, 38 homes were sold in Prior Lake; 53% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
