February was another wild and crazy month for home sales with buyers making offers before some homes were available for tours. All over the metro area, there have been multiple offers on homes for sale and some sellers are getting 10% to 15% over the asking price.
On average homes sold in St. Paul sold for more than the asking price. The neighborhoods with the lowest home prices saw the biggest gains in median prices.
As some St. Paul residents move to the burbs for larger houses with larger yards the houses they are leaving behind are selling quickly. There is no evidence of a mass exodus from the city.
As the pandemic winds down we are likely to see more houses go on the market but I don’t think the supply will come close to keeping up with current demand.
2021 is going to continue to be an amazing year for home sellers. The number of homes for sale continues to hit record lows across the county. Low inventory of homes for sale has been a challenge for the last several years but was made worse by the pandemic.
The laws of supply and demand have been at work keeping housing prices at all-time highs. The neighborhoods with the lowest average prices have seen the most gains in the last two years.
The median sale price in St. Paul is $240,000. 259 home sales closed in February.
The numbers used to make the table were extracted from the NorthstarMLS the data is deemed reliable but not guaranteed and it represents a high percentage of the single family homes sold in St. Paul in February 2021. The data includes townhouses and condos.
Real estate is local, so local that I like to drill down to the nighborhood level.
If you would like to know how much your home might sell for please contact me for a free no obligation consultation.