Stillwater MN Housing Market Correction 2022

The Stillwater MN housing market continues to be strong with an average home sale appreciation of 16.1% over the past 12 months, but the housing market correction is on its way. Research shows new listings are down 9.1%, and closed sales are down 3.2% from a year ago. The number of showings per listing is slowing. Sellers are reducing their list prices after going on the market at a faster rate. Mortgage and new construction applications are slowing. More importantly, 30-year mortgage interest rates have climbed faster than anticipated to 5.5% and higher pushing more and more potential buyers out of the housing market. The Federal Government is going to continue to raise mortgage interest rates through the end of 2022 to combat inflation. The result of the supply and demand saw too many buyers for the number of listings has started to reverse and we will start seeing fewer buyers, which in turn will drive home inventory upwards. We are at an inflection point and as we go deeper into 2022 we will start to see flat-lining of home prices and appreciation.

John and Becky Durham of the Durham Executive Group and RE/MAX Results are a husband and wife real estate team with 40+ years of combined experience licensed in both WI & MN. Their educational and unique real estate work experiences separate them from other Realtors. John is a trainer/consultant and has received additional training as a licensed real estate Broker in both states. They have received unique marketing training as Certified Luxury Home Marketing Specialists (CLHMS).  John and Becky have been recognized and received rare national top 1% marketing awards for the marketing of their client homes from prestigious organizations such as Realtor.com, and Trulia/Zillow. Becky has 30 years of Counseling experience combined simultaneously with 20 years as a Realtor including that as an SRES (Senior Real Estate Specialist) working with those 55+ of age. She is recognized nationally throughout the real estate industry as the Corporate Training Manager for the largest RE/MAX franchise in the world (RE/MAX Results) training 1,400+ Realtors throughout WI & MN.

*It is important for home sellers to understand John & Becky provide award-winning marketing expertise to ‘every homeowner client regardless of price point.’