Shakopee, Minnesota, is a city and county seat within the bustling area of Scott County in the area just southwest of the vibrant city of Minneapolis. Although this is a less busy area than other surrounding counties and cities, this mid-sized area is great for new families, retired couples, and solo travelers looking to settle down.
Plus, don’t worry — this isn’t in the middle of nowhere!
This city is actually within the 16th largest metro in the entire country, making it a smart choice for buying property as a new homeowner. We love the Shakopee Historic District, beautiful Minnesota River Valley, Valleyfair amusement park, Canterbury horse racetrack, and Downtown Shakopee, featuring shops, restaurants, cafes, and pubs.
Sounds like a good place to move to, doesn’t it? We think so too! Not only can you find multiple properties, but you can enjoy shopping, green spaces, and friendly people.
Average Home Price in Shakopee
Understanding the Shakopee housing market also has to do with knowing the best places to move to in the entire state. Fortunately for you, Shakopee is one of the most popular spots for new homeowners and families to move in the state of Minnesota! By checking out the top places to move in the state, you can buy property before the prices get too high.
Shakopee is a vibrant city in Minnesota, located close to Minneapolis, Eden Prairie, Murphy Hanrehan Park Reserve, Prior Lake, and other up-and-coming spots. The housing market in this bustling town is rated 84 out of 100, according to Redfin, making it a very competitive area, with most homes getting over 5 offers above the asking price.
Currently, there are almost 300 homes for sale in Shakopee, ranging from the low-end of around $157K to the high-end of over $3 million for one property!
The median home price in Shakopee is just over $474K, with the median sold home price just over $360K. The median listing price per square foot is $195.
For the last month in July of 2022, the average listing home price came to $474.3K, which showed substantial growth from the previous year. The median listing home price in March of 2020 came to around $370K. In March of 2021, this home price experienced a sharp uptick to $400K. After a decline at the beginning of 2022, the home price has increased to nearly $475K.
Furthermore, the median days a house is on the market in Shakopee is just under 50 days. Compared to the past 3 years, this is lower than the average.
At the beginning of 2020, homes were on the market for almost 80 days. During the middle of 2020, homes were on the market for around 60 days. By the end of 2021, homes were on the market for an average of 55 days. Now, homes are on the market for just under 50 days, showing the increase in desirability to move to this area.
Home buyers and house sellers need to know the average home price in the current market in Shakopee. Understanding the current housing market trends in Minneapolis can help those looking for homes, and those looking to earn a profit, get the best deal possible.
High and Low Home Prices in Shakopee
The housing prices vary depending on the specific neighborhoods in Shakopee, with some neighborhoods being more expensive in terms of median home prices than others. For example, Minneapolis has a median home price of $330K, whereas Prior Lake has an average home price of just under $600K.
The most expensive median home prices in Shakopee, MN include houses in the 55347 area code, 55410 area code, Minnetonka neighborhood, Lakeville neighborhood, Eden Prairie, and 55372 neighborhood. The most inexpensive areas include Minneapolis, Bloomington, and Apple Valley.
Currently, on the market, homes are going for as inexpensive as $158K, $229K, and $240K in terms of home value. These homes are all located in the Shakopee area and contain two bedrooms and two bathrooms. These Shakopee homes come between $1165 and $185 per sq. ft.
The most expensive homes on the market are a house on 133rd Street for $2.4 million and Peninsula Point Road for $2.395 million. These homes are around $490-$500 per square foot, featuring five bedrooms and four bathrooms.
Are you trying to sell your house for as much as possible? We understand! Fortunately for you, we buy houses Minnesota offers high-end services for those looking to get their house off the market in just a few days.
Best Areas to Live in Shakopee
If you’re ready to consider a move into Shakopee, we recommend these neighborhoods:
- Ponds Way – Best community
- Shakopee Southeast – Best economy
- Shakopee West – Safest area
- Pheasant Run St – Best schools
- Barden – Least expensive
Sale-to-list Price Ratio in Shakopee
Understanding what a sale price is in real estate is crucial for home buyers, realtors, and sellers to analyze the current market.
The sale-to-list price ratio is currently over 100%, meaning the Shakhopee housing market is currently in favor of the seller. This “seller’s market” means it is a smart time for sellers to get rid of their property and make a higher profit than in a buyer’s market.
The sale-to-list price is 101.8%, meaning that homes are currently selling for 1.8% over the average asking price as of last month in July. Even though it is slightly over a balanced market, sellers should still take advantage of this current profit.
Not sure how to read the MN real estate market data? Are you unsure of how to list your home to get the most profit? If so, Cash home buyers in Minneapolis can help you get the best deal on your home and take the stress out of listing your property on the real estate market.
Use a trusted real estate agent with a reputable brokerage to help you with open houses and dealing with renters!
Average Days on Housing Market
The Minnesota housing market is a direct reflection of the Shakopee housing market. In Minnesota, the average time from listing to closing is 74 days (including the average 35-day closing time frame) to sell a Minnesota home.
In Minneapolis, the average days of property on the housing market is just 15 days, which is way below the state and national average. Despite there being fewer homes sold here overall compared to the previous year, 15 days is still a good deal for sellers.
In Shakopee, homes sell after 15 days on the market, compared to 10 days last year. Despite an ⅓ increase in the number of days on the market, the total number of homes sold has increased since last year, with home sale prices up 9% from 2021.
What is the best time of the year to sell a house? By knowing the ups and downs of the real estate market, and the best months to sell a home, buyers, and sellers can avoid overspending on their purchase or selling a house for way below the average listing price.
Conclusion
Is it a good idea to buy a house in Shakopee? This depends on the current real estate market, predictions, and average home prices. According to Wallet Investor, buying a house here is not a good short-term investment. However, this area could be a good choice for homeowners who are looking to purchase a property and renovate/flip it for a future sale.
Therefore, purchasing a property in Shakopee is a good long-term investment. However, home buyers should wait until it is a buyer’s market to look for properties.
Overall, Shakopee is a smart choice for young families, older couples, or partners who want to find a spacious property in an area with a good school district, multiple townhomes, and few foreclosures.