Over the last year, you’ve probably read all the headlines about a hot housing market in the Twin Cities and around the nation.
But the housing data the media is reporting doesn’t include sales of duplexes, triplexes and fourplexes. And apartment buildings? Those statistics are tracked by commercial brokerages.
So what was the duplex market like in the 7 county metro area in November?
In the seven-county metro area, there were 277 active listings on the market last month. This is down about 10% from the previous three months, which had more active inventory than at any time since 2016. Buyer activity remained strong, with 134 sales in the month. This translates to approximately 48% of the active listings receiving offers. The average sales price for these properties was $403,967.
Of the 277 active listings on the market in November, 138 were in Minneapolis. Fifty percent, or 69 duplexes, triplexes and fourplexes sold in the month. The average sales price in the city was $441,283; down slightly from October’s $445,407 and the year’s high in September of $465,958.
Over in St Paul, November saw 80 active listings on the market and 33 sales. In other words, 41% of the active inventory sold. The average sales price of $318,782 was down from June’s high mark of $388,116.
It’s important to remember a single month is not indicative of a trend or the overall condition of the market. It is not unusual for the fall market to be cooler than early winter through late summer. As time goes by, however, noting them may tell us whether rent control and inflation are impacting sales.