Prior Lake, MN is a desirable area to live, with a median housing value of $486,900. This is substantially higher than the US median housing value of $338,100. While the US average for house appreciation in one year is 8.27%, Prior Lake fairs slightly lower at 6.82%. Despite the marginally lower rate of appreciation, this area continues to be an attractive option for prospective homeowners due to its relative affordability and close proximity to larger cities such as Minneapolis.
The median home cost in Prior Lake is $486,900. Home appreciation the last 10 years has been 89.8%. Home Appreciation in Prior Lake is up 11.0%.
Average Age of Homes
- The median age of Prior Lake real estate is 24 years old
The Rental Market in Prior Lake
- Renters make up 15.9% of the Prior Lake population
- 0.3% of houses and apartments in Prior Lake, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.