Twin Cities Suburbs Are The Hottest Duplex Market In The State

As I detailed in yesterday’s post, there aren’t a lot of duplexes in the suburbs surrounding Minneapolis and St Paul. So when I compile and report sales data for the month, the numbers are always smaller and, as a whole, perhaps less revealing.

That was certainly the case in February. There were just 9 properties that sold in the 7 county metro area not including the cities of Minneapolis and St Paul. And, on average, they traded hands at an average price of $432,992.

The high seller was an 8 bedroom, 4 bath, 3724 square foot side-by-side duplex in Minnetonka. Listed at $575,000, demand was so strong that multiple offers propelled it to a final sales price of $675,000. Perhaps the best opportunity for cash flow was 2 bedroom side-by-side in Fridley that traded for $305,000.

The sold listings spent an average of just 27 days on the market.

During the same month, 13 new listings came to the market in February. In total, there were 17 active listings.

In February there was just a one-month supply of small multifamily properties for sale in the Twin Cities. That is as hot of a sellers market as there is.

If you’re thinking of selling your suburban duplex, triplex or fourplex – or property anywhere in the seven-county area, give me a call. It’s a great time to be a duplex seller.