Twin Cities Average Duplex Sales Price Hits Record

The spring Twin Cities duplex market burst with color in April, finishing the month with an average sales price of $444,069; the highest on record.

The previous record was $437,352, set in April of last year.

A total of 90 duplexes, triplexes and fourplexes sold in the 7-county area last month. The high-seller was a 2014 built, 15-bedroom, 12-bathroom triplex in Minneapolis’ Lowry Hill East neighborhood that closed at $1,075,000.

The value of the month was found in the Greater East Side neighborhood of St Paul. This 3 bedroom, 2 bathroom house conversion traded hands for $160,000.

On average, small multifamily listings spent 31 days on market before selling. Counting canceled and relisted properties, that jumps to 45 days. In either case, properties are moving, resulting in just a two month supply of inventory. In other words, early spring was still very much a sellers market. This is evidenced by the fact that sold properties net, on average, 100% of their original list price.

April saw 119 new listings come on the market. That’s an increase of 3.5% over March, and 13.3% over April of last year. To keep it in perspective, however, we still have a shortage of inventory. In April of 2022, there were 208 new listings; a number 43% higher in what was also considered a seller’s market.

The biggest opportunity of the month was a new listing in the North End neighborhood of St Paul. This 4 bedroom, 2 bathroom duplex is currently pending at $150,000. It received multiple offers, so that figure is likely to climb once it closes.

A rare, architecturally designed 7 bedroom, 4 bathroom duplex in the Prospect Park/East River Road neighborhood received an offer before it even hit the MLS, and was listed for $1.1 million.

There are currently 8 metro area duplexes, triplexes or fourplexes under contract for more than $750,000. We may set yet another record in May.