Twin Cities Suburban Duplex Sales Still On A Roll

The past several years it’s seemed as if duplex, triplex and fourplex sales in the suburban 7-county metro area were in a league of their own.

For the most part, that’s still the case. There were 12 duplexes, triplexes and fourplexes that sold in February. A7-bedroom, 4 bathroom Brooklyn Park fourplex sold above it’s $629,000 list price, closing at $655,00. A true duplex in West St Paul needing a facelift gave a buyer a crack at some sweat equity, closing at $265,000.

The month’s average sales price for the group was a healthy $435,342. This represented 100.2% of each property’s original list price.

Here’s where things look a little different, however. These properties spent 52 days on the market between listing and closing; a number that swelled to 60 when factoring those duplexes that were cancelled from the MLS, then relisted. This is the second highest number of days on market since March 2021, when DOM were 76 and CDOM 84.

In spite of the growing number of days on market, there remained just a 3 month supply of inventory. That is still a seller’s market.

February brought 20 new duplex, triplex and fourplex listings to the market. Columbia Heights, South and West St Paul lead the way with 2 new listings each. A 4 bedroom, 2 bathroom South St Paul house conversion in need of TLC posted at $199,900. A 12 bedroom, 4 bathroom Brooklyn Center fourplex topped the new suburban offerings at $924,999.

A preliminary glimpse of March’s numbers suggest market changes may be underway. Stay tuned.