St. Paul Real Estate Market Update

Posted by Kris Lindahl on Thursday, January 21st, 2016 at 6:05am.

 

St. Paul’s real estate market ended 2015 on the upswing, with higher home prices, fewer days spent on the market and sellers making closer to their asking price at closing.

News for St. Paul homebuyers

It was a tough year for buyers, however. In December we saw St. Paul’s inventory of available homes shrink even more and it now stands at a 2.1 month supply – a decrease of 32.3 percent over where we stood in December of 2014. In November, we had an almost three-month supply of homes for sale so homebuyers were in the market between November and the end of December, scooping up what few homes we have on the market.

This means you’re still facing heavy competition from other buyers so have all your ducks in a row before heading out to look at homes. You will want to be completely ready to put in an offer and compete head-to-head with other buyers.

Home prices in St. Paul

The median sale price of a St. Paul home is up 5.6 percent from this time last year and it now sits at $164,000, which is $1,000 more than November’s price.

If you are hoping to buy a house in St. Paul and you’re on a tight budget, start your home search in North End and Frogtown as those are the neighborhoods that had the lowest median price in 2015.

A look at St. Paul neighborhoods

Out of St. Paul’s 17 neighborhoods, only Downtown and St. Anthony Park didn’t see an overall increase in price in 2015. The former saw a 4.1 percent decrease in the median sales price and St. Anthony Park saw a 4.6 percent decrease.

The neighborhoods with the highest increases include Dayton’s Bluff, North End and Frogtown. Despite the increase in price, North End and Frogtown still remain the two most affordable neighborhoods, as mentioned earlier.

Homes are selling the quickest in the Hamline-Midway, where they spend an average of 58 days on the market. If you’re trying to sell a house in Summit Hill or Summit-University you’ll need patience as homes here are on the market more than 100 days.

Homebuyers in St. Paul will find the most competition in the Como Park and Battle Creek-Highwood neighborhoods.

Finally, homeowners in the Hamline-Midway neighborhood received, on average, 97.6 percent of their original list price, higher than any of St. Paul’s other neighborhoods.

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