Twin Cites Suburbs Duplex Market Remains Hot

With just a one-month supply of inventory, the Twin Cities suburbs have been and continue to be the very definition of a duplex seller’s market.

Nothing illustrates this better than April’s 7 county metro area sales numbers.  There were 23 sales in April, at an average price of $497,541.

A Coon Rapids 12 bedroom, 8 bathroom fourplex fetched a whopping $1,050,000. In the south metro, an 8 bedroom, 4 bathroom fourplex in Lakeville finished second, generating a $650,000 sales price for the seller. Even the suburban opportunity of the month – a 4 bedroom, 2 bathroom house conversion duplex in Hastings generated a sales price of $240,000.

There were 25 new listings in the suburbs in April and 28 active listings. While these figures are up 47% in new listings and 33% in active listings from one year ago, the reverse was true in March. In other words, it isn’t a trend.

On average, these properties spent just 24 days on the market before selling. That number has been exactly the same for the last three months. They also sold for, on average, 100 percent of the seller’s original asking price.

Granted, duplexes, triplexes and fourplexes in the suburbs aren’t as common as in Minneapolis or St Paul. Nonetheless, they remain a sought after commodity. If any of us retained anything from our high school economics classes, it’s this. When supply is low, and demand is high, values go up.

If you’ve been considering selling your suburban multifamily property, or would just like to know what it’s worth, give me a call at 612-290-5998. I sell duplexes all over the metro.