Twin Cities Suburbs Continue To Shine

If there’s been a star in the Twin Cities duplex market this year, it’s been the suburbs. While the month’s supply of inventory and days on market have crept up in the cities of Minneapolis and St Paul, the suburbs have remained the belle of the ball.

For example, while July saw the average Minneapolis and St Paul duplex, triplex or fourplex listings post an average of 44 days on the market before selling, the suburbs saw just 23. And for cumulative days on market, the urban core saw a whopping 56 days compared to the suburbs 44.

In all, the cities had a three-month supply of inventory. The suburbs just 2. While both are firmly in the camp of still being a seller’s market, that’s now more true in the suburbs.

July saw 20 multifamily properties sell in the suburbs and surrounding counties. Sellers fetched an average sales price of $463,336; the second-highest monthly number for the year. This bodes well for the month’s 32 new listings as well as the other 25 active sellers.

There were just 14 duplex, triplex and fourplex listings that left the market without selling in July.

We’ll know next week when the data for August if the suburbs continued to be a great place to be a duplex seller.