As of the 2023 assessment, total estimated market value is now $35.6 billion above the most recent low point in the real estate cycle (2012 assessment).

Ramsey County’s residential real estate market experienced steady growth in 2022. The median sale price for residential property in Ramsey County was $303,800, up from $293,000 at year-end 2021.

The Ramsey County apartment market is beginning to stabilize, yet remains strong. As of late 2022, Saint Paul had an overall vacancy rate of 5.0%, and rents were up 3.1% from 2021. While the exact numbers vary by each suburban city, overall vacancy has held steady, and rents are up an average of 2 to 8% from the same period a year ago.

The Ramsey County commercial real estate market is showing strength in many areas. Although rising interest rates have led to some uncertainty, the overall local market continues to do well. With a strong local economy and record low unemployment, there are many reasons to expect continued growth.

The Ramsey County industrial market remains quite strong, which is reflected in this property segment posting the largest percentage value growth for the 2023 assessment. As the economy continues to emerge from the pandemic, consumer demand remains quite strong, which flows down to demand for warehousing and manufacturing space.

Local agricultural property market values have held steady for the 2023 assessment. In Ramsey County, aggregate agricultural value has decreased in recent years due to agricultural land being purchased for new real estate developments. As a result, agricultural value has shifted to other uses.