Suburban Duplex Sales Show Signs of Change

With just a two month supply of inventory in April and multifamily property sellers getting 100% of their asking price at closing, the Twin Cities suburbs were the hottest thing going for duplex sellers.

However, there are some small signs change may be coming.

The month saw 21 duplexes, triplexes and fourplexes sell. Columbia Heights lead the way with 3, followed by Bloomington and Falcon Heights with 2 each.

The market topper was a 7 bedroom, 4 bathroom duplex in Crystal. Built in 2025, this rare new build opportunity closed at $680,000. A 3 bedroom, 2 bathroom house conversion in White Bear Lake offered its buyer a chance to invest in a lake community for $310,000.

The average sales price for the month was $479,234.

Signs of change appeared, however, in days on market. The 28 days properties spent on market before selling was an increase of 16.7% in market time over April of last year. When including the cumulative days a property spent on the market on separate occasions before selling rose to 47; a 74% increase over last year.

April saw 31 new listings come on the market. This was up 6 over last April, which represents a 24% increase. There were 40 active suburban listings for the month in all; a 25% increase from one year ago.

Columbia Heights did its part with 4 new listings. Brooklyn Center, Maplewood and St Louis Park also added 2 a piece.

An updated Brooklyn Center fourplex with a whopping 12 bedroooms and 4 bathrooms hit the market at $924,999. Meanwhile, the month’s value add opportunity was found in Newport, where a 3 bedroom, 2 bathroom house conversion was offered at $275,000.

As always, if you’re thinking about buying or selling a duplex, triplex or fourplex in the suburbs, Minneapolis or St Paul give me a call. I’d be glad to help.