St Paul Duplex Market Once Again Favors Sellers

One of the apparent themes of the 2024 St Paul duplex market appears to be if you want a great deal, you can pick up someone else’s mostly demo’d half-renovated duplex relatively inexpensively.

November’s example was  a 4 bedroom, 2 bathroom house conversion in the Payne-Phalen neighborhood that sold for $133,000. Not to worry if you missed out. Another came on the market just before Thanksgiving; another partially rehabbed 4 bedroom, 2 bathroom house conversion in the same neighborhood listed for $129,000.

The month’s high seller was a 7 bedroom, 4 bathroom fourplex in the Hamline-Midway neighborhood that closed at $647,000.

The West Side neighborhood saw 3 sales for the month, followed by the North End, Payne-Phalen, Hamline-Midway and Thomas-Dale with 2 apiece.

In all, the month saw 28 properties sell at an average sales price of $296,685. This closed price averaged 94.7% of the sellers original list price, after the property spent 33 days on the market and 38 cumulative days on market.

This time on the market was 23 days fewer than October, and helped shift inventory back into seller’s territory with a three-month supply.

Of course, just 18 new listings in the month may have also contributed to the appearance of a quickening market. Dayton’s Bluff lead the way with 5 new duplex opportunities hitting the market, followed by Hamline-Midway with four.

If the past in any way predicts the future, then December will likely see even fewer new listings; positioning 2025’s early sellers perfectly for yet another seller’s market.