Prior Lake, MN—55372
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Prior Lake, MN
As of Oct '25, the median home price in Prior Lake, MN is $513,000, with a year-over-year change of 3.0%. This indicates that home prices in Prior Lake, MN are increasing. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $513,000 | 3.1% |
| Single Family | $527,000 | 2.9% |
| Condos | $203,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $225,000 | 5.6% |
2 Bed | $319,000 | 2.2% |
3 Bed | $433,000 | 3.1% |
4 Bed | $581,000 | 2.7% |
| 5 Bed | $711,000 | 2.6% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Prior Lake, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Prior Lake, MN is 47. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $748,000 | 8.0% |
Listing Count | 177 | 7.0% |
| Listings as % of Homes | 0.9% | 7.0% |
Days on Market | 47 | 0.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Prior Lake, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $513,000 |
| Median Household Income | $141,000 |