Time Flies For Twin Cities Suburban Duplex Market

October suddenly seems like a long time ago, especially given the Twin Cities small multifamily market saw a bit of a rebound.

While September saw balanced negotiating power between buyers and sellers with a 5-month supply of suburban inventory, October saw sellers in control once again, when inventory declined to a 3-month supply.

Owners who sold and closed on their properties averaged a record average sales price of $541,398; a mark that was 100% of the original asking price for the 18 who closed.

The high seller for the month was a Spring Lake Park, Lake Minnetonka waterfront duplex with 4 bedrooms and 3 bathrooms that closed at $1,200,000. The suburban value-add opportunity was found in Forest Lake in a 5 bedroom, 2 bathroom up/down duplex that sold for $280,000. Brooklyn Park, Hastings and South St Paul contributed two properties each to the monthly sold total.

There were 24 new suburban multifamily listings that came onto the market in October, with overall active inventory at 49. The latter represents a 30.6% increase in supply from October, 2023. Fridley brought the most investment opportunities to the market with 4, Columbia Heights was second, bringing 3.

A Fridley fourplex with 8 bedrooms and 4 bathrooms set the top of the newly active chart at $750,000. A 4 bedroom, 2 bathroom house conversion duplex in South St Paul represented a great new investment opportunity at a smaller scale.

Yes, listing inventory is quieter over the winter. And spring, like October, seems a long way off.

But in Minnesota, February is the start of the spring housing market.

It will be here before you know it.