In most of St. Paul, we are experiencing a strong seller’s market. There is less than a two-month supply of housing which means it would take about a month and a half to sell all of the houses on the market. At the same time, downtown St. Paul is experiencing a buyers market. It is a weak buyers market but it is possible to buy a downtown condo after it has been on the market for several days without having to compete with a dozen other buyers.
Prices in the downtown area have been stable. Historically the housing market downtown has been out of step with the rest of the city. During the pandemic, some of the things that make downtown attractive went away. The sporting events and concerts stopped and the restaurants that stayed opened offered curbside pick-up instead of in-door dining.
It will be interesting to see what it all looks like by next year. Right now about a third of the homes on the market in St. Paul are downtown with prices ranging between $93,000 and $900,000
