Prior Lake Real Estate Market Report: August 2024
In August 2024, the median sale price in Prior Lake was $520,000.
- Median Sales Price
- $520,000
- No prior comparison
- Homes for Sale
- 124
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- Months Supply
- 3.5
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- Balanced market
- Days on Market
- 63
- No prior comparison
- Closed Sales
- 43
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- Percent of Original List Received
- 96.9%
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What this means
The median sale price is currently $520,000.
Homes are averaging 63 days on market, and sellers are receiving 96.9% of their original asking price.
The area is currently a balanced market with 3.5 months of supply. There are currently 124 homes for sale.
In a balanced market, neither side has a steep advantage, making careful pricing for sellers and steady negotiation for buyers the key to success.
Common questions about the Prior Lake market
Is Prior Lake a buyer's or seller's market?
Prior Lake was a balanced market in August 2024, with 3.5 months of supply. Under about 3 months generally favors sellers, 3 to 6 months is considered balanced, and over 6 months favors buyers. There were 124 homes for sale.
How fast are homes selling in Prior Lake?
Homes that sold in August 2024 spent an average of 63 days on market. Sellers received 96.9% of their original list price on average.
Market trends in Prior Lake
| Month | Median sale price | Closed sales | Days on market | Months supply |
|---|---|---|---|---|
| August 2024 | $520,000 | 43 | 63 | 3.5 |
How Prior Lake compares with the Twin Cities region
In August 2024, the median sale price in Twin Cities (16-County Region) was $389,000.
More to explore
Data: NorthstarMLS Local Market Update via 10K Research, published August 24, 2026.
Report published .
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