POTW | Prior Lake
By David Arbit on Monday, February 29th, 2016
Keep heading south on the upgraded State Highway 13 past Savage and you’ll soon find yourself in lovely Prior Lake. Home to about 25,000 people, Prior Lake is situated in rapidly-growing Scott County in an area some call “South of the River.” This community is just a 25 mile (30 min) drive to downtown Minneapolis.
Based on the market-wide median sales price, it appears that home prices are at all-time highs in the city. But because new construction plays a larger role in this area than other areas and in the region as a whole, it’s worth isolating previously-owned properties.
In fact, once we apply previously-owned and single-family filters, we can see that home prices aren’t quite back to 2006-7 levels (when this market peaked), though they’re pretty close.
Values in Prior Lake tend to hover above those in the broader Scott County. It also appears as though the gap is widening.
But at least part of that is due to the fact that larger properties are selling in Prior Lake. Note the preeminence of the 2,501+ square foot range. That segment comprises roughly 45.0 percent of all sales activity in Prior Lake, compared to 32.0 percent in Scott County.
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