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Prior Lake, MN—55372

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$505,000
2.9% YoY Growth
Household Income
$141,000
28.9% YoY Growth
Days on Market
72
12.0% Shorter YoY
Home Price Forecast
-0.1%
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
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Prior Lake, MN

As of Dec '25, the median home price in Prior Lake, MN is $505,000, with a year-over-year change of 2.9%. This indicates that home prices in Prior Lake, MN are increasing. According to Zillow, the 1-year price projection is -0.1%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$505,0002.9%
Single Family $518,0002.6%
Condos $203,0000.5%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $223,000
    5.7%
    2 Bed
    		$314,0002.3%
    3 Bed
    		$427,0002.6%
    4 Bed
    		$572,0002.3%
    5 Bed $699,0202.1%
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    % of Housing Stock

    Studio
    0.9%
    1 Bedroom
    2.4%
    2 Bedrooms
    13.4%
    3 Bedrooms
    32.2%
    4 Bedrooms
    33.8%
    5+ Bedrooms
    17.3%

    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.

    TypeMedian RentAverage 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 Dec '25, Realtor.com reports that the median days on market for a home in Prior Lake, MN is 55. This is a decrease of -9.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 12.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$714,000-2.0%
    Listing Count
    		12023.0%
    Listings as % of Homes0.9%23.0%
    Days on Market
    		72-12.0%
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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.

    MetricLatest CensusYoY % Change
    Population
    		34,6004.0%
    % 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

    MetricLatest Census5-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

    MetricZip 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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio3.4
    Median Home Price$505,000
    Median Household Income$141,000

    Prior Lake, MN — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    55378

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    Frequently Asked Questions