Median Home sale prices in the metro

Here is a snapshot of median home sale prices in the 7 county Metro area, the data includes June 2019.

graph of median home prices
Median Home sale prices 7 county metro area

The line in the graph has peaks and valleys with the peaks in spring and the valleys in the winter.  Home prices are higher in the metro area than they were before the crash. We are still seeing foreclosure activity but not much.

Here is a look at the same data county by county:

Median Home sale prices compared with last year

June home sales and prices by neighborhood

Monday is a wonderful day to look at numbers especially on Mondays after holiday weekends. Most years home prices peak in April or May and that may be the case this year as sale prices are down from last month. The number of home sales are down from last month as is the median home sale price of St. Paul homes that were sold and closed in June.

The average number of days it takes to sell a home has stayed the same at 21 days. The number of homes on the market is up from last month but still at historic lows.

The overall average list price is lower than the overall average sale price. The sales prices in red on the table are all higher than the average list price.

June Home sales – St. Paul, MN

If you would like to know how much your house might sell for and how long it will take to sell please contact me for a free no obligation consultation.

If you like numbers and would like to see more look in our Local market conditions & home prices category.

The data used to create the table with home prices was extracted from the NorthstarMLS. The data in the NorthstarMLS is deemed reliable but not guaranteed.

Some slowing in home value increases

It doesn’t seem all that long ago that we reached a low point in home prices. Prices took a nosedive heading to 2009 and then dipped lower in 2011. We did not know when we hit the low point until it was all over.

The good news today is that if you bought a house in 2009 or in 2011 you may have a lot of equity at this point. Prices have been going up but my sense is that price growth is finally starting to slow.

The biggest jump in price in the last ten years was between 2012 and 2013.

Median sale price graph
Median Home sale prices St. Paul, MN

The chart was created from data in the Northstar MLS and is deemed reliable but not guaranteed.

Home sales and prices by neighborhood

Home prices in St. Paul are at an all-time high. The average sale price homes in St. Paul was higher than the average list price in May or 2019.

Multiple offers on homes that are for sale are common and that drives the price up. It is a wonderful market for home sellers but not so wonderful for buyers.  We usually see the highest prices of the year between April and June and I noticed that pending sales were slightly lower in May than they were in April, while new listings were up from April. Maybe it is an anomaly or maybe the market is cooling a tiny bit.

chart of home sales by neighborhood
May home sale data for St. Paul, MN

The data used to make the table was exported from the NorthstarMLS. The data is deemed reliable but not guaranteed.

For more local numbers go to Local Market Conditions and Home prices.

Ten years ago homes were hard to sell

When I look at the marketing materials some real estate agents put out there you would think they are magicians the way they sell houses. When selling houses in a seller’s market just about any kind of marketing works better than it did during the buyer’s market.  Here is something I wrote in June of 2009:

Brickhouse“I found 107 homes listed on the MLS that have been on the market for more than 500 days.  That is a long time even in today’s market.

Of the 1768 homes that have sold this year in St. Paul the average cumulative days on market was 137.

Townhomes and condos take about 90 days longer to sell on average than single family homes and most of the homes that have been on the market more than 500 days are townhouses or condos.

Buyers look at how long a home has been on the market.  Sometimes the information is used to determine how much to offer for the home and in other cases, they get cold feet and make no offer because the home has been on the market for so long.

When I look at these listings I check to see if there have been any price reductions.  If I see a home that has been on the market for a long time, like over a year and the price has never changed I assume that the sellers are not very motivated and wonder if they are open to negotiation.”


Ten years later in some price ranges if a home is on the market for more than three weeks without any offers it is almost always overpriced. The demand for homes is higher than the supply especially in price ranges below $450,000.

Back in June of 2009, there were 1770 or so  houses on the market in St. Paul, today there are less than 550. It was a very different housing market.

Local Housing Data

I have been writing about the shortage of housing for a couple of years. In the metro area, there isn’t a lot of new construction. A new luxury apartment building here and there and some large expensive homes and even a few affordable housing units.

At the same time, the population and the need for housing have grown.

A large number of current homeowners are not ready to sell. They are older and more likely to stay put than to move. The end result is that there are not very many homes available and that is driving prices up.

Here is some data from the Met Council:

Metro housing data
Data from the Met Council

Most of the growth is in Minneapolis and St. Paul. The math is simple in that the population is growing faster than the supply of housing.

I think the situation will ease up a bit in the next decade unless we people start moving out of the area or we start building affordable housing.