Twin Cities Suburban Duplexes Remain Rare

Suburban Twin Cities duplexes, triplexes and fourplexes are a rare thing.

That’s due in part to our history. The shortage of suburban duplexes for sale right now is not.

In January, the market saw just 11 new multifamily opportunities for buyers. With just 8 new listings in December, the overall total for active suburban inventory stood at just 29 properties for sale.

Needless to say, it’s a seller’s market. In fact, the suburbs saw just a two-month supply of properties for sale; meaning if no new listings came on the market from today forward, we would be sold out in 60 days.

The value-add opportunity of the month was a West St Paul 4 bedroom, 2 bathroom up/down duplex in need of some sprucing up. It listed at $265,000.  A fully rehabbed 9 bedroom, 4 bathroom side by side duplex in St Louis Park offers a buyer not looking for a project an opportunity at $749,000.

Three of the month’s 11 new listings came on the market in West St Paul. St Louis Park finished second with 2 new listings.

January saw 14 properties sell. An 11 bedroom, 4 bathroom fourplex in Prior Lake topped the market at a price of $715,000. A 3 bedroom, 2 bathroom house conversion in West St Paul needed some plumbing work and sold in multiple offers for $227,000. Oakdale saw the most market activity with 3 sales, Brooklyn Park and Fridley tied for second with two sales each.

New market activity numbers will be available next week. Let’s hope there are more choices for buyers as we head toward spring.