By Isabella Carlson
For anyone eyeing the housing market in Stillwater, Minnesota—whether buying a home or signing a lease—current trends show both opportunity and challenge. Here’s a breakdown of what folks locally are seeing in home values, rentals, and development.
Home Prices & Buyer Conditions
The median sale price for homes over the past three months has dipped to around $432,000—about 3.5% lower than the same period last year. Despite that, homes are still moving fairly quickly: the typical property spends about 18 days on the market, a bit faster than this time last year.
Another thing buyers notice: supply is beginning to ease. Active listings are up by nearly 71% compared to a year ago, and while listing prices have increased modestly (about 3.3%), the price per square foot is holding fairly stable or dropping slightly in some neighborhoods.
Rentals: What’s Happening Out There
Stillwater’s rental scene is mixed. Recent data shows median rents are around $2,450/month, though this represents a year-over-year decline of about 6.5%. On the upside, rent prices ticked up slightly month-over-month.
Average rates by unit size give more nuance: studios often run higher, well over $1,800, while one- and two-bedroom units typically range from $1,500 to $1,600. Three-bedroom rentals push toward $2,000 or more, especially where square footage and amenities are larger.
New Housing & Local Development Projects
Stillwater is seeing several notable development efforts underway. One is the proposed “Brixton” community—a planned unit development featuring about 108 for-sale townhomes at Manning Avenue North and 80th Street North.
Also on the horizon is the Lakeview Replacement Hospital campus at the northeast quadrant of Manning Avenue and State Hwy 36. Though this is a medical campus rather than residential, it’s likely to influence nearby land use and could prompt additional residential or mixed-use growth.
What This Means for Locals
For potential homebuyers: this could be one of those moments where slightly softer prices and increasing inventory make it easier to negotiate—especially if you’re flexible on location or layout. Having mortgage pre-approval and working with a trusted local agent gives you a competitive edge.
Renters might find some relief if they’re willing to look beyond the most desirable neighborhoods. While rents are high for studios and larger units, smaller one- and two-bedroom options are relatively more affordable—especially in less central areas.
For both groups, keep an eye on new developments like Brixton and the hospital campus—they don’t just change the skyline; they tend to shift infrastructure, traffic, and livability.