It is hard for me to forget the great recession and the housing market crash. The banks came out alright but those who lost their homes will always feel the impact. Many have recovered and some have purchased homes again.
The good news for home ownership today is that the demand for homes is stronger than it was before the great recession. We are at full employment with an unemployment rate at around 3% for Minnesota and 4% on average for the whole country.
The graph shows median home prices in St. Paul. The numbers come from the NorthstarMLS which is deemed reliable but not guaranteed. I manually computed the median home sale price in St. Paul for May 2018 and got $219,500. I am not sure why the chart shows a lower number.
During the peak in 2006 before the recession the median home price in St. Paul was $207,073.
I’ll have more numbers later in the week.