Suburban Duplex Market Remains Strong

This year I decided to break up monthly duplex market statistics in the Twin Cities. First, in the month, a broad overview, followed by a closer look at Minneapolis, St Paul, and the surrounding cities and counties.

One of the many reasons I chose to do this was to see if there was some way to measure whether things like unrest or ordinances like rent control have resulted in a flight of investors to the suburbs. While I can’t draw any conclusions, it will be interesting to see how things unfold.

The seven-county metro area, excluding the cities of Minneapolis and St Paul, saw 24 closings for the month. They traded, on average, for $354,128. The high seller was a Crystal fourplex that traded hands at $665,000. The deal of the month was found in Blaine, where a 4 bedroom, 2 bath duplex on a slab tallied a sales price of $258,000.

A three month supply of inventory in the suburbs and surrounding counties meant the dead of winter continued to be very much a seller’s market, with each sold property lasting just 42 days on the market.

Next week’s February numbers may give us a better idea of where the spring Twin Cities duplex,  triplex and fourplex market are heading.