Saint Paul Home prices up and down

I read a lot of real estate news and it is confusing at this point. We saw record appreciation in home values during the last couple of years and now values are going down from that. As a homeowner myself I don’t feel as though I have “lost” any money. If I had sold my house last year as some of my clients did I would have sold it at the peak. If I had purchased a home last year as some of my clients did I would have bought at the peak.

Home sale prices took a nose dive during what some call the financial crisis and what I call the housing market crash and great recession. Those very same houses regained all of their value and more since then.

Here is a snapshot of recent home sale prices in St. Paul. It is a screenshot from a report in RPR which is a database that tracks most of the real estate in the country.

Graphic with home sale prices
Home sale prices

Home sales data from September and October will show price declines from September but some of that is seasonal and the gains from the last two years will still be in the double digits.  They are going to start to go down from the peak.

It is hard to predict the future of home values. They seem to always go up eventually but they did go way down for a time before going back up. The pandemic kind of messed everything up or maybe a better way of saying it is that the pandemic changed things. It changed how some people work and where people want to live.

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