Prior Lake Real Estate Market Report: May 2026
In May 2026, the median sale price in Prior Lake was $525,000, down 2.2% from a year earlier.
- Median Sales Price
- $525,000
- -2.2% vs. May 2025
- Homes for Sale
- 108
- -4.4% vs. May 2025
- Months Supply
- 3
- -9.1% vs. May 2025
- Balanced market
- Days on Market
- 76
- +65.2% vs. May 2025
- Closed Sales
- 53
- +35.9% vs. May 2025
- Percent of Original List Received
- 97.5%
- -1.4 pts vs. May 2025
What this means
The median sale price has decreased by 2% from last year to $525,000, though an opposite trend in price per square foot suggests this change more likely reflects the mix of homes that sold.
Homes are selling 30 days longer than last year, averaging 76 days on market, and sellers are receiving 97.5% of their original asking price.
The area is currently a balanced market with 3 months of supply. Active inventory is down 4% from last year to 108 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 May 2026, with 3 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 108 homes for sale.
How fast are homes selling in Prior Lake?
Homes that sold in May 2026 spent an average of 76 days on market, 30 days slower than a year earlier. Sellers received 97.5% of their original list price on average.
Are home prices going up in Prior Lake?
No. The median sale price fell 2.2% year over year to $525,000. Price per square foot moved the other way (from $219 to $246), which suggests the change mostly reflects the mix of homes sold.
Market trends in Prior Lake
| Month | Median sale price | Closed sales | Days on market | Months supply |
|---|---|---|---|---|
| August 2024 | $520,000 | 43 | 63 | 3.5 |
| September 2024 | $439,950 | 42 | 33 | 3.2 |
| October 2024 | $492,500 | 54 | 54 | 2.5 |
| November 2024 | $639,873 | 36 | 65 | 2.1 |
| December 2024 | $465,000 | 25 | 50 | 1.8 |
| January 2025 | $520,000 | 17 | 85 | 1.9 |
| February 2025 | $430,000 | 14 | 91 | 2.2 |
| March 2025 | $430,000 | 33 | 73 | 2.5 |
| April 2025 | $471,250 | 34 | 38 | 2.9 |
| May 2025 | $537,000 | 39 | 46 | 3.3 |
| June 2025 | $485,000 | 47 | 59 | 3.4 |
| July 2025 | $427,500 | 38 | 62 | 3.2 |
| August 2025 | $507,500 | 52 | 55 | 3.4 |
| September 2025 | $515,000 | 33 | 44 | 3.6 |
| October 2025 | $507,500 | 44 | 50 | 3.5 |
| November 2025 | $500,000 | 25 | 53 | 2.9 |
| December 2025 | $420,500 | 31 | 92 | 1.9 |
| January 2026 | $492,500 | 16 | 112 | 1.9 |
| February 2026 | $492,500 | 18 | 41 | 2.3 |
| March 2026 | $441,500 | 31 | 88 | 2.4 |
| April 2026 | $465,000 | 43 | 58 | 2.6 |
| May 2026 | $525,000 | 53 | 76 | 3 |
How Prior Lake compares with the Twin Cities region
In May 2026, the median sale price in Twin Cities (16-County Region) was $399,000, up 1.0% from a year earlier.
More to explore
Data: NorthstarMLS Local Market Update via 10K Research, published August 24, 2026.
Report published .
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