As we kick off the new year, the real estate market in Stillwater, MN, continues to demonstrate its unique dynamics. Here’s what’s happening this week:
Market Overview
- Median List Price of New Listings: $667,500
- Median Price of New Listings: $409,900
- Average Price per Square Foot: $253
- Average Days on Market (DOM): 131 days
- Median DOM: 70 days
With inventory declining to just 39 homes, the market holds a Slight Seller's Advantage as the Market Action Index (MAI) remains stable at 43. This balance between supply and demand keeps us in a seller's market zone, where properties continue to move, albeit at a measured pace.
Current Market Snapshot
$667,500
Median List Price
70 Days
Median DOM
$253
Avg Price per Sqft
131 Days
Avg Days on Market
Inventory Trends
Inventory has been on a consistent downward trend in recent weeks. However, lower inventory alone doesn’t guarantee a stronger market—watch for changes in buyer demand and the MAI for more conclusive signals of market shifts.
Price Trends
- Stability Continues: Median prices and price per square foot have remained consistent, reflecting a plateau in market activity.
- Segment Highlights: While the lower half of the market has experienced some price pressure, the higher-end segments have held steady. The top quartile has even shown some upward momentum, signaling buyer interest in luxury properties.
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Market Segments Breakdown
The market is segmented into quartiles by price, with distinct trends in each tier:
- Top Quartile: Median price at $1,843,000; properties average 133 days on market.
- Upper Quartile: Median price at $1,044,000; homes sell faster, averaging 63 days.
- Lower Quartile: Median price at $490,950; properties average 59 days on market.
- Bottom Quartile: Median price at $322,400; homes average 52 days on market.
As expected, higher-priced homes tend to take longer to sell than those in lower price brackets.
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What This Means for Buyers and Sellers
Rental Market
For those looking at rental opportunities, the median rent in Stillwater stands at $2,448, further showcasing the area’s desirability and robust market demand.
What to Watch
- Market Action Index (MAI): At 43, the index indicates a balanced pace of sales relative to inventory. A consistent uptick here could signal increased market competition and potentially rising prices.
- Days on Market (DOM): Median DOM trends provide early signals of changing buyer behavior.
Looking Ahead
The Stillwater real estate market remains vibrant and slightly tilted in favor of sellers. Whether you're looking to buy, sell, or invest, staying informed is key. If you have questions or are ready to make your next move, feel free to reach out—I’m here to guide you every step of the way!
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