Prior Lake, Minnesota Housing Market Prices
Prior Lake Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price 39% above the Minnesota median$330,218
-
Median rent 29% above the Minnesota median$1,649
Housing Market Overview
| Metric | Prior Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,218 | $236,718 | $248,835 |
| Price Trend (Annual %) | 18.9% | 6.6% | 7.5% |
| Median Gross Rent | $1,649 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.7% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prior Lake is about 39% higher than in Minnesota. Rent is about 29% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Prior Lake, up about 18.9% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Prior Lake rose about 48.2% between 2015 and 2024, from $1,113 to $1,649. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Prior Lake.
Buying the median-priced home in Prior Lake costs roughly 16.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Prior Lake. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Prior Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,218 | $236,718 | $248,835 |
| Median Household Income | $129,729 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.5 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Prior Lake rose about 144.0%, while median household income rose about 39.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Prior Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 84.0% | 65.5% | 58.5% |
| Rental Rate | 12.7% | 25.2% | 31.2% |
| Vacancy Rate | 3.3% | 9.3% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Prior Lake has a homeownership rate of 84.0%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 3.3%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Prior Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.75 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1997 | 1976 | 1978 |
| Median Number of Rooms | 7.2 | 6.1 | 5.5 |
The typical housing unit in Prior Lake was built around 1997. On average, 2.7 people live in a home with about 7.2 rooms, staying for about 13.0 years on average.
Prior Lake, MN Housing Compared With Nearby Cities
Prior Lake, MN is the smallest of the 5 cities compared here, 23,998 residents against a local median of 53,350. Prior Lake, MN's homeownership, at 86.8%, runs 15% above the 75.2% typical of the cities around it. That is the better end of the local range on this measure.
The cities themselves spread 20.1% on homeownership, so Prior Lake, MN sits at one end of an already wide local range rather than apart from it. Prior Lake, MN has the highest homeownership of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Prior Lake, MN | 23,998 | $330,218 #2/5 | $1,649 #3/5 | 86.8% #1/5 |
| Shakopee, MN | 44,264 | $327,839 | $1,536 | 74.4% |
| Savage, MN | 32,874 | $262,492 | $1,765 | 85.8% |
| Eden Prairie, MN | 62,436 | $188,949 | $1,832 | 76.0% |
| Bloomington, MN | 88,700 | $345,554 | $1,561 | 65.7% |
Frequently Asked Questions
Common questions about the housing market in Prior Lake, Minnesota.
What is the median home price in Prior Lake, Minnesota?
The median home price in Prior Lake, Minnesota is $330,218, higher than the Minnesota average of $236,718.
What is the average home price in Prior Lake, Minnesota?
The typical home price in Prior Lake, Minnesota, reported as the median sale price, is $330,218. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Prior Lake, Minnesota?
The median gross rent in Prior Lake, Minnesota is $1,649 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Prior Lake in 2020?
In 2020, the median gross rent in Prior Lake, Minnesota was $1,212 per month.
What is the price-to-rent ratio in Prior Lake, Minnesota?
The price-to-rent ratio in Prior Lake, Minnesota is about 16.7, meaning it would take roughly 16.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Prior Lake.
Are home prices or rent rising faster in Prior Lake, Minnesota?
Both home prices and rent are rising in Prior Lake, up about 18.9% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Prior Lake, Minnesota?
84.0% of households in Prior Lake, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Prior Lake, Minnesota?
The housing vacancy rate in Prior Lake, Minnesota is 3.3%, lower than the Minnesota average of 9.3%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →