By Isabella Carlson
Current Home Prices & Inventory
The median listing price for homes in Stillwater right now is about $599,475, up roughly 6.3% over the past year. Meanwhile, the median sold price is closer to $525,000, showing around a 16–17% year-over-year increase.
Homes are staying on the market for about 40 days on average before they’re sold. That’s a significant change over previous years, reflecting more inventory and a bit more breathing room for buyers than in hotter markets.
Trends in Rentals
Renting in Stillwater costs, on average, about $2,300 per month across all types of homes and bedroom counts.
While average rent has decreased slightly compared to its peak, it still remains 20-odd percent above the national average—making affordability a consideration for many households.
Who Owns, Where We Stand
The median value of owner-occupied homes in Stillwater is about $414,200, which is higher than both the Minnesota and U.S. averages.
Over the longer view, median home values have climbed over 50% since 2009; median household income has done similarly.
Development & Neighborhood Dynamics
New housing development includes the recently approved Brixton townhomes—106 units in a southeast Stillwater subdivision—with added community and trail spaces built in.
The Central Commons project is another big one: a mixed-use development spanning 35 acres at Manning Avenue and Highway 36. Plans call for Phase 1 to include a large grocery store, a fuel-and-coffee retail spot, and about 200 market-rate apartments. Infrastructure improvements like water, sewer, and roadwork are key parts of the site’s readiness.
What It Means for Stakeholders
For Buyers
Higher prices and more inventory mean there’s more choice, though buyers will likely compete for well-priced, well-located properties. Homes still sell steadily, but timelines are less urgent than during market peaks. Think strategically about neighborhood, condition, and long-term growth.
For Renters
With monthly rents hovering in the mid-$2,000s, renters will want to weigh trade-offs between cost, location, size, and amenities. Options may be limited, especially for larger, affordable units.
For Developers & the City
Projects like Central Commons signal a shift toward mixed-use planning and infrastructure-driven growth. Maintaining balance—ensuring development supports affordable options, walkability, and neighborhood character—will be critical in preserving what makes Stillwater special.
The real estate market here isn’t cooling off drastically, but its pace has changed. Keeping an eye on new listings, project approvals, and rental availability will give the best sense of which direction things are headed.