2040 Comprehensive Plan: Envision Shakopee

HOUSING: FOR SALE URBAN HENNEPIN COUNTY NOW ACHIEVES HIGHER PRICES PSF THAN BOTH SHAKOPEE AND SCOTT COUNTY AS PROXIMITY TO JOBS AND AMENITIES HAVE GARNERED A PREMIUM OVER SUBURBAN PRODUCT. FIGURE 3.6 - HOUSINGPRICESOVER TIME

SINGLE FAMILY REAL ESTATE TRENDS Since 2010, Hennepin County has achieved higher for-sale prices per square foot than both Shakopee and Scott County as proximity to jobs and amenities have garnered a higher premium over predominantly suburban and rural style development more commonly found in Scott County. Prior to the 2008 Recession, Shakopee had higher for-sale housing prices per square foot than both Scott County and more urban Hennepin County, with prices peaking above $200 PSF. However, in 2016, Shakopee’s median home price was $225,000, or $165 PSF. Typical homes in Shakopee are between 1,100–2,000 SF. There have been few new developments of single-family homes in Shakopee. Despite nearly doubling single-family stock between 2000 and 2010, only 93 new single-family homes were built between 2015 and 2017. Single-family home construction peaked in the early 2000s. The lack of new construction of single-family homes in Shakopee from 2010 to 2015 is in part due to the lack of large developable tracts of land in the city, as well as the slow recovery of homes values since the Recession in 2008. Since 2017, there has been an uptick in new construction of housing, both single family and multifamily.

Housing Prices PSF, 1997-2016

250

200

150

100

50

0

Hennepin County

Scott County

Shakopee

HOUSING: SINGLE FAMILY SINGLE FAMILY CONSTRUCTION PEAKED IN THE EARLY 2000’S, REFLECTING THE LACK OF NEW LARGE DEVELOPABLE TRACTS OF LAND IN SHAKOPEE. FIGURE 3.7 - HOME BUILDINGPERMITSOVER TIME

Shakopee Single Family Building Permits

100 150 200 250 300 350 400 450 500

0 50

1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

80