St Paul Duplex Market Does Its Own Thing

While it’s separated only by a river from Minneapolis, the city of St Paul has always gone its own way.

That’s true of its streets, its city council, and certainly of its duplexes, triplexes and fourplexes.

May saw the city post 41 new small multifamily listings. That was exactly the same number as the same month last year. While last May saw a total of 50 active listings, however, this year saw 72.  Four new listings came from the Payne-Phalen neighborhood. Macalaster Groveland, Dayton’s Bluff and the Greater East Side also contributed three each.

A total of 31 duplexes, triplexes and fourplexes sold in St Paul last month, at an average sales price of $394,274. This was the fourth highest average in the last five years. The median sales price came in at $320,000.  An interesting observation; while May’s sellers averaged 100% of their original asking price, this is actually down from previous years. In May 2023, the average was 101%. May of 2022 saw 101%. May of 2022’s sellers came in at 101.4% of the asking price, and May of 2021 saw 102.6%.

The month’s high seller was a beautiful brownstone fourplex in the Summit-University neighborhood which netted the sellers $1.1 million. The value of the month was a cute 4/2 house conversion featuring a lot of paneling. This North End gem sold in multiple offers for $164,000.

While Minneapolis’ duplex market may have begun to shift, in St Paul, sellers are still very much in the driver’s seat with just a two month supply of inventory. This in spite of the average numbers of days on market ticking up over last year, from 25 to 39, and Cumulative Days On Market at 55 compared with last year’s 34.

As summer moves along, of one thing I’m certain. St Paul will continue to do things its own way.