Prior Lake, MN 55372 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Prior Lake, MN—55372

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$525,000

2.0% YoY Growth

Household Income

$141,000

28.9% YoY Growth

Days on Market

11.0% Longer YoY

Home Price Forecast

-1.5%

Median Rent

$2,100

0.5% YoY Growth

1-Bed Rent

$1,100

4.2% YoY Growth

2-Bed Rent

$1,550

0.6% YoY Growth

3-Bed Rent

$2,650

8.5% YoY Growth

Home Price Trends — Prior Lake, MN

As of May '26, the median home price in Prior Lake, MN is $525,000, with a year-over-year change of 2.0%. This indicates that home prices in Prior Lake, MN are increasing. According to Zillow, the 1-year price projection is -1.5%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$525,000	2.0%
Single Family	$538,000	1.9%
Condos	$210,000	1.0%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Prior Lake, MN

As of July '25, Rentcast reports the average rent in Prior Lake, MN is $2,160, with a year-over-year rent change of -0.5%. Per bedroom, the median rent as of July '25 in Prior Lake, MN is studios: $1,200, 1-bedrooms: $1,230, 2-bedrooms: $1,710, 3-bedrooms: $2,540, 4-bedrooms: $2,500. The most common rental property sizes in Prior Lake, MN are 2-bedroom and 3-bedroom, accounting for 37.7% and 21.5% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,100	$2,160
Studio Rent	$1,200	$1,200
1 Bed Rent	$1,100	$1,230
2 Bed Rent	$1,550	$1,710
3 Bed Rent	$2,650	$2,540
4 Bed Rent	$2,100	$2,500

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% of Rental Stock

Studio

6.1%

1 Bedroom

21.4%

2 Bedrooms

37.7%

3 Bedrooms

21.5%

4 Bedrooms

11.2%

5+ Bedrooms

2.1%

Property Listings — Prior Lake, MN

As of May '26, Realtor.com reports that the median days on market for a home in Prior Lake, MN is 39. This is a increase of 11.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$826,000	-5.0%
Listing Count	176	20.0%
Listings as % of Homes	0.9%	20.0%
Days on Market	39	11.0%

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Demographics — Prior Lake, MN

As of the latest ACS Survey released in 2023, Prior Lake, MN has a population of 34,600, which has increased by 4.0% over the past 5 years. Prior Lake, MN is a popular place for families, as children make up 25.1% of the population. The area has a highly educated workforce, with 50.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.1% reporting working from home.

Metric	Latest Census	YoY % Change
Population	34,600	4.0%
% Under 18	25.1%	-5.6%
% Seniors	14.1%	15.6%
% WFH	22.1%	148.3%
% w/ College Degree	50.1%	12.8%

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As of the latest ACS Survey released in 2023, Prior Lake, MN is a predominantly white area, with 84.5% of the population identifying as white. The white population has shrunk by 6.8% in the last 5 years. The second most common race or ethnicity in Prior Lake, MN is asian, making up 4.6% of the population. Foreign-born residents account for 6.4% of the population in Prior Lake, MN, and this percentage has increased by 20.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	84.5%	-6.8%
% Black	1.2%	200.0%
% Hispanic	3.9%	56.0%
% Asian	4.6%	39.4%
% Foreign Born	6.4%	20.8%

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Mortgage and Risk — Prior Lake, MN

According to HUD data as of 2023, there were 868 mortgage originations in Prior Lake, MN, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Prior Lake, MN. Investor activity is low, as 2.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	868
% Conventional Loans	94.0%
% Government Loans	6.0%
% Investor Loans	2.0%
% Second Loans	2.0%
% Cash Out Refinance	6.0%

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Rentals and Section 8 — Prior Lake, MN

As of 2024, the percent of homes in Prior Lake, MN under the Section 8 program is 11.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Prior Lake, MN, because HUD payments exceed market rent, while 3-bedroom units do not.

Section 8 Market Size

Total Units under HUD	136
Total Units Section 8	136
% Rentals under Section 8	11.3%
% Occupied Section 8	93.4%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$300	$1,100	$1,400
2 Bedroom	$160	$1,550	$1,710
3 Bedroom	-$370	$2,650	$2,280
4 Bedroom	$450	$2,100	$2,550

Prior Lake, MN—55372

Key Metrics at a Glance

Home Price Trends — Prior Lake, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Prior Lake, MN

% of Rental Stock

Property Listings — Prior Lake, MN

Demographics — Prior Lake, MN

Race and Ethnicity

Mortgage and Risk — Prior Lake, MN

Mortgages

Rentals and Section 8 — Prior Lake, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Prior Lake, MN

Home Price to Income Ratio

Prior Lake, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Savage, MN

Elko New Market, MN

Elko New Market, MN

Shakopee, MN

Burnsville, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.5
Median Home Price	$525,000
Median Household Income	$141,000

Prior Lake, MN—55372

Key Metrics at a Glance

Home Price Trends — Prior Lake, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Prior Lake, MN

% of Rental Stock

Property Listings — Prior Lake, MN

Demographics — Prior Lake, MN

Race and Ethnicity

Mortgage and Risk — Prior Lake, MN

Mortgages

Rentals and Section 8 — Prior Lake, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Prior Lake, MN

Home Price to Income Ratio

Prior Lake, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Savage, MN

Elko New Market, MN

Elko New Market, MN

Shakopee, MN

Burnsville, MN

Frequently Asked Questions

What is the average home price in Prior Lake, MN 55372?

How have home prices in Prior Lake, MN 55372 changed over the past year?

What is the home price projection for Prior Lake, MN 55372?

What are the demographics of Prior Lake, MN 55372?

How long does it take homes to sell in Prior Lake, MN 55372?

What is the average rent price in Prior Lake, MN 55372?