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Featured local agent — Prior Lake, MN
Sarah Mitchell
Compass Real Estate · Prior Lake, MN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Prior Lake, MN Housing Market & Real Estate
Housing market overview · Updated monthly ·
$518,500median sale price
How is the Prior Lake, MN housing market right now?
The median home sale price in Prior Lake, MN is $518,500, up 3.7% year-over-year. Homes sell in an average of 30 days with 76 active listings. The market is currently a seller's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Prior Lake a buyer's or seller's market?
Prior Lake, MN is currently a seller's market, based on 1.5 months of supply and homes selling in about 30 days. How we determine this →
Homes sold
50
Last 12 weeks
Days on market
30
Average pace
Active listings
76
1.5 months supply
Sale-to-list
98.7%
Below asking
What does the Prior Lake housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $518,500 |
| Median list price | $599,800 |
| Year-over-year price change | +3.7% |
| Average days on market | 30 days |
| Active inventory | 76 listings |
| Months of supply | 1.5 months |
| Sale-to-list price ratio | 98.7% |
| Median price per sq ft | $201/sq ft |
| Homes sold (latest month) | 50 |
| New listings (latest month) | 57 |
| Listings with a price cut | 42.1% |
| Market condition | Seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Prior Lake by property type?
How the Prior Lake, MN market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $581,000 | $219/sq ft | 34 | 30 days |
| Condo / Co-op | $197,500 | $214/sq ft | 2 | 193 days |
| Townhouse | $367,500 | $182/sq ft | 14 | 26 days |
Source: Redfin · Updated monthly
The Prior Lake housing market is currently classified as a seller's market with a median sale price of $518,500. Prices have risen 3.7% compared to last year, with homes spending an average of 30 days on market, indicating 1.5 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 4.1x provides context for how home values compare to local earning capacity.
Homes for sale in Prior Lake
There are currently 76 homes listed for sale in Prior Lake, Minnesota. The median listing price is $600K.
Active listings
76
Homes on market
Median list price
$600K
Avg. days on market
30
Days until sale
New this week
57
Newly listed
Who lives in Prior Lake?
Population
27,832
Median income
$130,278/yr
Median age
39.7 years
Owner-occupied
85.6%
College grads
51.5%
Avg commute
24.7 min
Source: U.S. Census Bureau ACS
What are homes worth in Prior Lake?
Zillow home value
$536,321
Zillow rent index
$2,051/mo
Price-to-rent ratio
21.8x
Price-to-income
4.1x
Source: Zillow Research
What is it like to live in Prior Lake?
Prior Lake is a community of approximately 28K residents with a median age of 39.7 years.The median household income is $130,278, which reflects a relatively affluent area with strong earning potential. 51.5% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 85.6%, reflecting strong community stability and long-term resident commitment. The average commute time is 24.7 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Prior Lake offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Prior Lake?
10 schools tracked · 4,235 students
The largest public schools serving Prior Lake, MN by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Prior Lake-Savage Middle School
Grades 6-8 · 1,996 students
JEFFERS POND ELEMENTARY
Grades K-5 · 504 students
WestWood Elementary
Grades K-5 · 492 students
Five Hawks Elementary
Grades K-5 · 477 students
La Ola Del Lago at Grainwood
Grades K-5 · 471 students
Edgewood ECSE
Grades PK · 149 students
PRIOR LAKE-SAVAGE AREA ALC
Grades 9-12 · 93 students
Laker Online
Grades 6-12 · 45 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Prior Lake, MN?
Want a head-to-head view? Compare Prior Lake side-by-side with any other U.S. city using our market-comparison tool.
Is Prior Lake a good real estate investment market?
For investors evaluating Prior Lake, the price-to-rent ratio of 21.8x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has appreciated 3.7% year-over-year, reflecting ongoing demand and value growth.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Prior Lake's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Prior Lake's median home price.
Frequently asked questions
What is the average home price in Prior Lake?
The median home sale price in Prior Lake is $518,500, up 3.7% from last year.
How long do homes stay on market in Prior Lake?
Homes typically spend 30 days on market before going under contract.
What is the median income in Prior Lake?
The median household income is $130,278 per year.
Is Prior Lake a buyer's or seller's market?
With 1.5 months of supply, Prior Lake is currently a seller's market.
What is the Zillow home value estimate for Prior Lake?
The Zillow Home Value Index (ZHVI) for Prior Lake is $536,321, representing the typical home value in the area.
What is the median condo price in Prior Lake?
The median condo/co-op sale price in Prior Lake, MN is $197,500, compared to $581,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Prior Lake?
The median single-family home price in Prior Lake, MN is $581,000 (about $219 per square foot).
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