Real estate is local. Here is a quick look at what is going on in your neighborhood.
The overall median home sale price in St. Paul was slightly lower than the asking price which means that home prices are not going up as quickly as in past months. Prices continue to go down in downtown St. Paul. Bargain hunters should pay attention to monthly HOA dues which are up. The number of home sales and new listings are up slightly in October as is the Median home sale price.
The data used to make the table was extracted from the NorthstarMLS which is deemed reliable but not guaranteed.
This just in from Minnesota Realtors, our state Realtor association.
Statewide, sales have hit their lowest level since 2011 Due to a combination of high mortgage interest rates, high prices, and fewer homes on the market.
September Year-Over-Year Summary of Key Market Indicators:
Mortgage interest rates went down and then up a bit.
The number of homes on the market is rising and on average it takes twice as long to sell a house as it did a few months ago. Don’t get me wrong in most cases houses in St. Paul are selling in 30 days or less. Prices are not rising as quickly. We are still experiencing a seller’s market except in downtown St. Paul where the market is balanced.
The Covid-19 pandemic had a strong impact on downtown St. Paul and it looks like the neighborhood is still struggling. Downtown is the only St. Paul neighborhood that isn’t experiencing a strong seller’s market. In fact, we are seeing a weak buyer’s market.
There are definitely opportunities for those who would like to move downtown. The graph shows the increase in condos for sale after the pandemic hit.
In St. Paul home sales were down 17% year over year for September. Median sale prices were about the same in 2024 but slightly lower. Average days on the market went up a little from August but homes are still selling in less than a month and median days on the market is less than 15 days.
Over all homes in St. Paul sold for more than the asking price. There is a slight increase in the number of homes on the market and the number of new listings.
We typically see home sales activity pick up a little in September. Things slow down around Thanksgiving time and then pick up again right after the 1st of the year.
The data used to make the table was extracted from the NorthstarMLS which is deemed reliable but not guaranteed.
Here is a look at Minnesota home sales in August 2024
Buyers might be waiting for an interest rate reduction. If that happens activity will pick up. Houses will sell faster, and home prices will rise due to increased demand.
Year over year everything was up except closed sales which were down.
According to Minnesota Realtors:
“While closings were down in August, lower mortgage rates and monthly payments are expected to drive market activity in the coming months. If rates continue to fall as the number of homes for sale rise, pent-up buyer demand may be unleashed, driving sales and potentially signaling a return to a more competitive market.
Inflation is now at its lowest level since February 2021. Though shelter costs remain elevated, the balance between housing supply and demand has normalized back to pre-pandemic levels.
“As we look towards the upcoming months, we continue to be optimistic. It all comes down to affordability and availability,” said Geri Theis, President of Minnesota Realtors®. “September activity should be strong with the lower interest rates, but August numbers will not reflect that yet. Fortunately, given the increase of homes on the market, our buyers may find some relief.”
August Year-Over-Year Summary of Key Market Indicators: