This is my year-end wrap-up for St. Paul home sales. Overall home sales were down from 2021 which was a peak year. They were fewer home sales in 2022 than in any of the last five years:
Total home sales in St. Paul for 2022 – 3395, In fact, if we go back 10 years the only year with fewer home sales in St. Paul than in 2022 was 2014.
Here are home sales by neighborhood for 2022:
2022 was a good year to sell a house. Median prices are are record highs and are still rising. For most of the year interest rates were at historic lows making housing a little more affordable for buyers. Median home prices went up over 6% from 2021 and 24% since 2018.
The demand for housing is strong but the supply is small. We will see fewer houses on the market this year and sales may be lower than last year. Home buyers may want to wait until interest rates or prices go down a bit before diving in. People who buy now with the plan to refinance later are taking a big risk.
For homeowners, 2023 is a great time to sell. There are more buyers than sellers. The current absorption rate in St. Paul is under 2 months.
My data is from the NorthstarMLS which captures 90% or more of local home sales and is deemed reliable but not guaranteed. Even though it is just for St. Paul it accurately reflects the trends in the entire Twin Cities metro area.