Twin Cities Suburban Duplex Market Still Hot

As July begins we take one final look back at May’s multifamily market, with our monthly review of suburban activity.

Small multifamily properties are rare in the Twin Cities suburbs, so the 33 properties came on the market in May were a welcome relief to buyers. This was the highest new listing total of any month since July of 2022 (June of 2023 saw 32 new listings). Brooklyn Park and Hastings made the largest contributions to new inventory, with four new listings each.

There were 28 active listings for the month, and 16 sold properties.  The high seller was a 7 bedroom, 4 bath Lakeville fourplex that traded hands at $597,000. A four bedroom, two bathroom house conversion in New Prague was the value of the month, coming in at $272,500. Metro-wide, suburban multifamily properties averaged a sold price of $427,313 in May. Columbia Heights, South St Paul and White Bear Lake contributed two properties each to the total.

The seven-county metro area suburbs very much remain a seller’s market, with just a two-month supply of inventory. This is double last month, which with so few properties on the market, isn’t hard to do.

Unlike Minneapolis and St Paul, the difference between the average number of Days On Market and the Cumulative Days On Market was nearly identical. The average suburban multifamily property spent 29 days on the market before selling. And if, for some reason, it was canceled and relisted before ultimately trading hands, that number crept up to 32.

The multiple listing service publishes final sales and listing numbers on the 10th of every month, so we can look forward to new data soon. In the meantime, if you’re thinking of buying or selling a duplex, triplex or fourplex anywhere in the Twin Cities, give me a call. I am happy to help.