More Of The Same for Twin Cities Duplex Market

When the Multiple Listing Service duplex, triplex and fourplex statistics for the 7-county metro area become available around the 10th of every month, I immediately look for clues to anything that’s changing in the market.

Sometimes, changes are hard to find.

For example, there were 144 new listings in July. While this is higher than June’s 130, it is comparable to July of 2023, when there were 145. In all, last month saw 249 active listings. Here is where there may be a subtle change. This was up 6% over June, as well as 6% over July of last year.

A rare short-sale was the equity-building new opportunity of the month. This Category 2 Dayton’s Bluff triplex has 7 bedrooms, 3 bathrooms and is currently sold subject to third-party inspection at $60,000. Luxury listings take a bit longer to sell. So last month’s newly listed 6678 fsf East Isles duplex featuring an incredible 8 bedrooms and 5 bathrooms is still available at $1.495 million.

Meanwhile sales remained relatively constant. There were 86 multifamily properties that changed hands in July; up 3.6% over last year, but down 3 percent from June.

These transactions resulted in an average sales price of $410,728. While this is down from June’s $454,596, sellers did on average receive 100% of their original asking price at closing.

A 4BR, 2BA house conversion duplex in the Thomas-Dale neighborhood of St Paul was the opportunity of the month, closing at $163,000. A 6BR, 3BA up/down move-in ready true duplex in Minneapolis’ ECCO neighborhood was the month’s high seller at $722,000.

Closed listings spent an average of 39 days on the market this time around before selling. However, when factoring cancelled and relisted properties, this increases by 10 days to 49.

July was the third straight month to end with a three month supply of inventory, meaning we are still in a duplex seller’s market.

If you’re thinking of selling or buying a Twin Cities duplex, triplex or fourplex, or would simply like to know what it’s worth, give me a call. I’m always happy to help.