Saint Paul, MN 55103 housing market

What this means

• Valuation. Prices are 15% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are flat over the past year (U.S.: +1.2%).
• Supply. Listings are 25% below the 2017-19 norm and falling (−12% vs. a year ago): still a tight market.
• Negotiating. Buyer leverage is low (19/100; U.S.: 54): homes typically sell at or above asking (101.2% of list); 21% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 43% of the median household income (U.S.: 35%); it takes about $70k a year to keep the payment at 30% of gross pay. That includes about $2,168 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $398/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $77 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −8% to +8% over the next 12 months (59% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −8.0% to +8.3% (80% range; middle estimate +1.3%), chance of a rise 59%, of a 5%+ drop 17%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

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