Residential 

The residential summary includes market value details of single-family homes, townhomes, condos, duplexes and triplexes. 

Market Summary

The residential real estate market in Ramsey County experienced slower but steady growth in 2023, with home sales dropping to their lowest level in over 20 years. This was due to higher mortgage rates, rising prices and low inventory, which discouraged many potential buyers. Additionally, homeowners with more favorable mortgage rates chose to stay in their homes, which further reduced supply. Although there were fewer buyers, there were also fewer sellers, which meant that inventory remained in short supply. Home prices still increased but at a slower pace. Multiple offers were not as common as they were in 2022, with the list/price ratio falling from 102% in 2022 to 99.8% in 2023. Marketing times were still relatively short, with an average marketing time of just 34 days.
Residential foreclosure activity remained low in 2023 and is not a factor in Ramsey County. Foreclosures continue to be temperedby increasing home values allowing most distressed homeowners enough equity to sell at a profit. 
Overall, the 2023 Ramsey County Housing market experienced tempered growth with most homes having sold near their list price and within 34 days.

New Construction

There are multiple new construction projects currently underway in Ramsey County. Pioneer Commons in Little Canada is a townhome development that consists of 178 units with a combination of row homes and back-to-back townhomes. Another project is Hill Farm Condominiums in North Oaks which is a luxury development comprising 34 units with a fitness center, heated parking, and a club room. Additionally, The Heights, located at the former Hillcrest Golf Course site, has had site work done and is expected to begin construction in 2024.
The development of Highland Bridge (location of the former Ford Plant) began construction in 2021. The current lot splits consist of 138 rowhomes of which 51 rowhome models have sold. In 2022 there were 15 Rowhomes that sold between $617,475 and $918,560. In 2023 there were 36 sales ranging between $599,990 to $1,106,530. As of the January 2nd, 2024 assessment date there were five pending sales ranging from $575,000 to $774,990. The rowhome development consists of eight additional blocks to be split.
There were 20 single-family lots that were listed for sale within Highland Bridge development located on Mississippi River Boulevard with asking prices ranging from $475,000 to $1,150,000. Construction has started on two lots as of the January 2, 2024 assessment date. Five total lots have been sold at prices ranging from $475,000 to $650,000. There are two additional blocks that are awaiting subdivision into single-family lots.
The current value for the residential parcels in the Highland Bridge development for the 2024 assessment is $88,952,900, which is $31,330,500 over the 2023 assessment.

All Residential

The residential real estate market in Ramsey County experienced steady growth in 2023. However, due to higher interest rates and a shortage of homes available for sale, home price growth was tempered and price increases fell into the single digits.


Single-Family

The St. Anthony Park and Summit-Hill neighborhoods of Saint Paul saw the largest increases in the median values for single-family homes.
In the suburbs, the most significant value increases occurred in the cities of North Oaks, Falcon Heights, and White Bear Lake.

Townhomes, Condos and 2-3 Unit Homes

The townhome, condo and 2-3 unit home markets also continue to show steady growth in value and strong sales volume.  Townhomes in Highland, Como, and Falcon Heights had the largest percentage increase in median value. Condos in Hamline-Midway, Como and White Bear Lake had the largest percentage of increase in median value.
Duplex and triplex properties had the largest percentage increase in median value in Vadnais Heights, Arden Hills, Sunray-Battlecreek and St. Anthony neighborhoods.

Estimated Market Value Totals

Estimated market value percent changes from 2023 to 2024 assessments.

Median Estimated Market Value

All Residential

Single Family



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