St Paul Duplex Market Does It’s Own Thing

St Paul has always done its own thing; whether it’s the way the streets are laid out or how the duplex, triplex and fourplex market performs.

Take December. St Paul properties averaged 54 days on the market before selling. This is 9 more than one year ago. If we factor in the cumulative days, which includes any time the property previously spent on the market without selling, that number rises to 73; 6 more than December of 2023.

While it may not seem like much, that’s 4 days faster than Minneapolis’ average days on market for the month, and 6 fewer cumulative days.

Twenty-two properties traded hands in December at an average sales price of $375,806. The market topper was a 9-bedroom, 3-bathroom rehabbed duplex in the Merriam Park/Lexington-Hamline neighborhood that fetched $707,738. A boarded-up 7 bedroom, 3 bath triplex in the Dayton’s Bluff neighborhood presented a rehab opportunity when it sold for $99,500 after 289 cumulative days on the market.

Like most metro cities in December, St Paul didn’t see much new inventory come on the market. In fact, there were just 19 new listings to choose from and 60 active listings in total for the month. While this seems paltry, it’s actually a 32% improvement in new, and 20% total inventory over December 2023.

The new opportunity of the month was a freshened up 3 bedroom, 2 bathroom house conversion duplex in the Payne-Phalen neighborhood for $195,000. A 6 bedroom, 3 bathroom triplex in the Summit Hill neighborhood topped the new inventory list at $790,000.

There is currently just a three month supply of small multifamily inventory in St Paul. And in this way, it’s a seller’s market. Just like Minneapolis.