Homes sold at a record-breaking 6 days on market, which was the median number of days on the market for St. Paul houses that were sold in April of 2022. For planning purposes, sellers should budget for 20 days on market to include inspection periods, of any and other contingencies if any.
Home prices are at record highs with the median sale price in St. Paul at 292,000. Five years ago in April 2017, the median sale price in St. Paul was 187K. Even though interest rates keep creeping up there are still more than enough home buyers to quickly gobble up the limited supply.
The supply was up slightly from March which is typical. Historically home prices and sales have the highest in April. I don’t anticipate many variations in the number of home sales each month. Also, I have noticed many single-family homes that were being rented out on the market in the last few weeks. These houses are likely owned by investors who can not make ends meet under St. Paul’s new rent control laws that took effect this month.
So far 2022 has proven to be a great year for home sellers.
