What’s Happening in the Prior Lake/Savage/Shakopee Real Estate Market?

It’s time for your fall real estate market update.

Just like this past spring and summer, inventory is low across the board. The market did slow down in August as families wrapped up vacations and went back to school. That slowdown can often transition into early September, so we do see the market pick up again in late September, October, and into Thanksgiving.

So, if you are thinking of buying or selling a home, the market is still active during this key part of the season.

We’d also like to touch on some new construction development that’s been going on lately.

If you drive down County Road 42 in Prior Lake, you’ll see a lot of activity. Pulte Homes and Lennar Homes are clearing a lot of trees for new developments on the south side of 42. There will be single-family homes and townhomes.

Lennar and Summit Preserve will also be building single-family homes and townhomes. M/I Homes, formerly known as Hans Hagen, will also be building some properties around that 42 corridor.

In Shakopee on County Road 16, Lennar is also building a lot of homes. We’re talking hundreds of lots. Although there is a lot of building going on, those properties are not included in our current inventory numbers.

Next year though, you will see some big changes in inventory. There will be a lot of lots available and the market will be pretty competitive.

All of that said, this actually could be a very good time to look at buying or building a home. The fall season is still a good time to be in the market. A lot of people are busy with their kids’ sports and activities. If that’s not taking up a lot of your time, then now is a good time to look at the homes that are available because you will have less competition.

If you have any questions about our current market, please don’t hesitate to reach out to us. We would be happy to help you!