Prior Lake, Minnesota, offers a dynamic housing market that caters to a variety of buyers and renters. Understanding the current trends can help residents and potential newcomers make informed decisions.
Current Market Trends
As of April 2026, the median sale price for homes in Prior Lake is approximately $456,734, reflecting a 2.6% increase from the previous year. Homes typically go pending in around 29 days, indicating a moderately competitive market. The average price per square foot stands at $191, slightly down by 0.52% year-over-year.
Housing Inventory
The city currently has 210 homes for sale, with a median listing price of $637,500. This represents a 2% increase compared to the previous year. The median days on the market have risen by 30.77% year-over-year, now averaging 34 days.
Rental Market Insights
For those considering renting, the median rent price in Prior Lake is $2,247 per month, marking a 12.35% increase from the previous year. There are currently 18 rental listings available, indicating a selective market for renters.
Neighborhood Highlights
Prior Lake boasts a range of neighborhoods catering to diverse preferences. Entry-level homes in areas like Timber Crest Park and Wilds Meadows start in the low $300,000s. Mid-range neighborhoods such as Jeffers Pond and Oakwood Hills offer homes priced between $400,000 and $700,000. For those seeking luxury properties, The Wilds and Legends Club feature homes ranging from $700,000 to over $3 million.
New Developments
New construction is active in Prior Lake, with developments like Scenic Bay Estates and Harvest Bluffs adding to the housing inventory. Custom builders such as Moderno Homes and Ron Clark are also contributing to the market, offering a variety of options for prospective buyers.
Whether you’re looking to buy or rent, staying informed about the local market trends in Prior Lake can help you make the best decision for your housing needs.