RAMSEY COUNTY
Homes in county, St. Paul stage $5 billion comeback
The Ramsey County residential market has rebounded by $4.9 billion since its low point in 2012, the county assessor reported. And on the whole, homes in St. Paul are reviving at a perkier rate than those in the suburbs.
According to County Assessor Stephen Baker, St. Paul hit a low of $129,000 in median home value during the Great Recession, while the median value in the Ramsey suburbs dipped as low as $174,700. The latest figures — $159,400 for St. Paul and $208,100 for the suburbs — represent a 23 percent recovery in the city, as against 19 percent elsewhere.
A growing parity has St. Paul outdoing the suburbs in every category:
• The city is up 7.3 percent in annual market values for all properties put together, compared with 5.1 percent for the suburbs;
• City residential values are up just a bit higher than suburban values, 4.9 percent to 4.3 percent;
• Commercial/industrial property values are twice as robust in the city, up 5.8 percent vs. 2.6 percent;
• Apartment values are up 21.2 percent in the city, vs. 17.9 percent elsewhere in the county.
Arden Hills and Shoreview joined the St. Paul neighborhoods of Macalester-Groveland and Hamline-Midway as the "most active markets for single-family homes," Baker found.