Downtown St. Paul is small but the residential population has grown to about 8050 people. I like to think of it as the other neighborhood because it is so different. The housing is different too because most of it is condominiums.
In recent years more apartments have been added to the mix. In the last couple of years, more bars and restaurants have opened in the area. There are also fewer businesses downtown and a lot of vacant offices and retail space.
Here is a look at downtown condo prices over the last 5 years. Prices have gone up. No surprise.
The data in the chart above comes from the NorthstarMLS which is deemed reliable but not guaranteed.
The red line shows median home sale prices in St. Paul and the blue line shows average condo sale prices in downtown St. Paul. Historically median prices have been higher downtown than in the rest of the city but that changed in late 2015.
Right now there are plenty of opportunities to own a home in downtown St. Paul. Average cumulative days on market (CDOM) is currently at 123 days. For the rest of the city excluding downtown CDOM is 64.8.
Now might be a better time to buy a downtown St. Paul home.
It is the small details that make this building so interesting. Built in 1889 of sandstone in the Richardsonian Romanesque style. St. Paul has a lot of interesting architecture if you know where to look. I recommend heading downtown.
The residential population of downtown St. Paul keeps growing. There were only about 4500 people living downtown in 2002 that grew to 6,604 in 2010 to 7,911 in 2014, that number is expected to skyrocket to 14,280 by 2020, an 80 percent jump. (According to the Metropolitan Council)
It seems like there are more people downtown on nights and weekends than there are during the workday. If you were to travel back to the 1980’s or 1990’s there were more businesses and people working downtown than there are today but not many residents.
Some of the things that make downtown fun are the parks, the Farmer’s market and the union depot and of course the ballpark and the Xcel center. It gets very crowded downtown when there is a hockey game.
Downtown is a wonderful place to live. It is the most walkable neighborhood in St. Paul. There is always something to do and lots of places to eat.
Housing consists of condos and apartments in all price ranges. In recent years there has been some building going on. Most of it has been apartments including some new luxury apartments.
The median price per square foot for a downtown condo is about $202. The median price per square foot of a Saint Paul home is $142. The median sale price in downtown St. Paul is lower the median sale price for the entire city.
The downtown Saint Paul housing market is a bit different from the rest of the city but is also experiencing a shortage of homes for sale. If you have been thinking about selling your condo now might be the time to do it.
There are currently 30 condos on the market ranging in price from $129,900 to 1.8 million. This year they have been selling in 45 days or less on average.