Summary
December 2023 in Stillwater, MN, brought a dynamic shift in the real estate market, especially for single-family homes, condos, townhouses, and apartments. The market experienced significant changes in inventory, sold prices, and listing dynamics, painting a vivid picture of current trends and future expectations.
Table of Contents
- A Transformative Market Landscape
- Property Value Insights
- Listing Dynamics
- Pending and Sold Listings
- Inventory and Market Supply
- Simplified Takeaways
- Frequently Asked Questions
A Transformative Market Landscape
December in Stillwater, MN, marked a notable transition in the real estate market. The months of inventory decreased significantly to 1.91, reinforcing a strong seller’s market, but with a 16.59% decrease month over month, indicating a shift towards balance. The list-to-sold price percentage remained high at 98.6%, showing continued demand.
Key Market Indicators:
- Months of Inventory: 1.91
- List to Sold Price %: 98.6%
- Median Days in RPR: 33
- Median Sold Price: $533,250
Property Value Insights
The median estimated value for properties in Stillwater experienced a slight decrease, settling at $462,550. This change reflects the evolving dynamics of the local real estate market.
Listing Dynamics
New listings in December saw a notable shift, with the median list price dropping to $315,000. The total volume of new listings also decreased, indicating a potential cooling off in market activity as we approach the year’s end.
New Listings Overview:
| Detail | Data |
|---|---|
| Median List Price | $315,000 |
| Number of Properties | 15 |
| Median Living Area | 1,850 Sqft |
Active Listings Snapshot:
| Detail | Data |
|---|---|
| Median List Price | $724,450 |
| Number of Properties | 56 |
| Median Living Area | 3,392 Sqft |
Pending and Sold Listings
December’s pending and sold listings provide insight into the end-of-year market movements. The median list price for pending listings was $412,450, while the median sold price was notably higher at $467,000.
Inventory and Market Supply
The supply of inventory, measured in months, showed a decrease to 1.84, indicating a more competitive market. This trend is reflected across various property types in Stillwater.
Simplified Takeaways
The Stillwater real estate market in December 2023 experienced a blend of decreasing inventory and high demand, particularly for single-family homes. While the median sold prices rose significantly, the market also showed signs of balancing as the year ended.
For a more in-depth analysis or to discuss how these trends affect your real estate goals in Stillwater, contact me now. Let’s navigate this dynamic market together and find the best path for your real estate journey.
Stay tuned for the next monthly update, where we’ll continue to keep you informed on the pulse of the Stillwater real estate market.
Statistics for this market update were sourced from the National Association of Realtors’ Realtors Property Resource® (RPR). narrpr.com
Frequently Asked Questions
Is Stillwater, MN a buyer’s or seller’s market?
As of December 2023, Stillwater remains predominantly a seller’s market, characterized by low inventory and high demand, though there are signs of shifting towards a more balanced market.
Are property values increasing in Stillwater, MN?
December saw a minor decrease in the median estimated property value, but overall, property values have shown resilience and growth over the past year.
How quickly are homes selling in Stillwater, MN?
Homes in Stillwater are selling relatively quickly, with a median of 33 days on the market, which is a slight increase from the previous month.