In October 2023, the Stillwater, MN single-family home market saw significant activity. Sellers enjoyed a market where homes sold quickly and often above asking price, with the median sold price reaching $442,000. The market is leaning towards equilibrium, with a slight decrease in inventory and a stable increase in home values. This update provides a comprehensive look at the latest trends in the Stillwater real estate scene.
Stillwater, MN Real Estate Market Update for Single Family Homes (October 2023)
In the “Stillwater MN Real Estate Market Update” for October 2023, the local market has displayed a robust and dynamic environment. Whether you’re looking to buy or sell, understanding the pulse of the market is crucial, and this update aims to provide a clear picture of the trends. With a shift toward a more balanced market, we’ll explore what this means for single-family homes in the picturesque community of Stillwater.
Seller’s Market with Signs of Balance
As the leaves turned their autumn hues, the Stillwater market showed it’s still a great time for sellers, but not without a nod towards equilibrium. With a slight dip in the months of inventory to 2.54, we’re seeing that buyers are beginning to have a bit more selection to choose from, though sellers still enjoy the advantage of demand outpacing supply.
Key Market Indicators
- List to Sold Price Percentage: A stellar average of 102.5% over the asking price shows that homes are not just selling; they’re selling for more.
- Median Days in RPR: Houses are finding new owners in about 16 days, indicating a quick turnover in the market.
- Median Sold Price: Climbing to $442,000, the market is robust, reflecting a 29.28% increase month over month.
Understanding Home Values
Stillwater’s single-family homes aren’t just places to live; they’re investments that continue to grow. The median estimated property value now stands at $540,590, marking a steady climb over the past year.
The Tale of New and Active Listings
With new listings priced at a median of $575,000 and active listings even higher at $720,000, it’s clear that sellers are confident. Despite this, the number of new listings has surged by 35.4%, suggesting that there’s a healthy balance of new options coming onto the scene for eager buyers.
New Listings in Detail
|Median List Price||$575,000|
|Number of Properties||31|
|Median Living Area||3,136 Sqft|
Active Listings Snapshot
|Median List Price||$720,000|
|Number of Properties||63|
|Median Living Area||3,700 Sqft|
The Pending Sales Story
Even as prices rise, homes are moving from “For Sale” to “Sale Pending” at a lively pace. The market’s vibrancy is evident in the total dollar volume of pending listings, which has increased by a significant 31%.
Sold Listings: The Closing Chapter
For single-family homes that have changed hands, the final sale prices have been encouraging for sellers, with a substantial month-over-month growth in the total dollar volume of sold properties.
The supply of homes, measured in months of inventory, has slightly decreased, yet it’s still higher than last year. This subtle shift points towards a gentle nudge to a more balanced market, a positive sign for buyers without dampening the spirits of sellers.
In layman’s terms, the Stillwater real estate market for single-family homes is hot, but not too hot for comfort. Sellers are getting excellent returns, and buyers have more choices than before. The market is moving fast, but not so fast that there isn’t time for careful consideration.
Thinking of making a move in the Stillwater market? Let’s translate these trends into a tailored strategy for you. Contact me here to start the conversation.
Until our next update, here’s to finding your place in the Stillwater market with confidence and clarity.
Frequently Asked Questions
- Is Stillwater, MN currently a seller’s market for single-family homes? A: Yes, as of October 2023, Stillwater, MN remains a seller’s market, but there are indications of a shift towards a more balanced market.
- How quickly are homes selling in Stillwater, MN? A: Single-family homes in Stillwater are selling relatively quickly, with a median of 16 days on the market as reported in October 2023.
- Have home prices in Stillwater, MN increased? A: Yes, there has been a noticeable increase in the median sold price of single-family homes, reflecting a 29.28% growth over the previous month.
- Where can I find more detailed statistics on Stillwater, MN’s real estate market? A: Detailed statistics can be found on the National Association of Realtors’ Realtors Property Resource® (RPR) website at narrpr.com.
Statistics for this market update were sourced from the National Association of Realtors’ Realtors Property Resource® (RPR). For more detailed information, please visit narrpr.com.