Twin Cities Suburbs Rock Duplex Sales

Put simply, it’s a great time to be a suburban Twin Cities duplex, triplex or fourplex seller.

To prove this, all I need do is say this: there was a 1 month supply of inventory in the 7-county metro area in March, not including the cities of Minneapolis and St Paul. That means, if no new suburban duplex listings came on the market the MLS would be sold out in a month.

To that point, there were just 15 new listings in March. The cities of Hopkins, Hastings and South St Paul each contributed two new listings.  The value of the month was a 5-bedroom 3 bathroom duplex in Hastings offered at $260,000. A Moundsview fourplex set the bar at the other end of the spectrum, listing for $609,900.

March tallied 14 sales of small multifamily properties. The average sales price of $428,993 was down from the market’s peak of $554,756 in June of last year, and $453,044 in February 2024. However, it’s important to remember these numbers are calculated from a relatively small sample size.

This means the deal of the month, a bank owned duplex in Maplewood that closed at $160,000, can have a disproportionate impact on the average. Conversely, the month’s high seller, a 6 bedroom, 6 bath West Bloomington duplex that sold for $680,000.

Stillwater had the most sales in March, contributing two.

If you’re wondering what your suburban duplex, triplex or fourplex is worth, give me a call. I’d be happy to help.