St Paul Duplex Market Keeps Beating

 

If there were a way to put all the various data about June’s St Paul duplex, triplex, and fourplex market on a graph, it would resemble a clinical EKG readout, lots of up and down.

In June, new listings dropped by 27.5% compared to both May and June of last year. Yet, the duplex market is still strong: the city recorded 114 total active small multifamily listings, the highest since November 2015.

Six of the new listings came from the Payne-Phalen neighborhood, and the West Side added five more. Among the fresh inventory was a value-add opportunity: a 5-bedroom, 2-bathroom house conversion duplex in the North End asking $219,779. On the higher end, a fourplex on the West Side with 14 bedrooms and 4 baths was listed at $900,000.

Property sales rose as well, matching the 27.5% increase from May and year-over-year. There were 23 multifamily sales in St. Paul during June, up by 2 from prior benchmarks.

The top sale was a 10-bedroom, 4-bathroom fourplex in Payne-Phalen that closed at $650,000. Another standout was a 5-bedroom, 3-bath duplex in the same neighborhood priced at $190,000, ideal for someone looking to build sweat equity. Payne-Phalen led all neighborhoods with five sales total.

In June, sellers earned an average sales price of $424,815 and a median of $362,500, landing at 100% of their original asking price. On average, properties spent 22 days on the market. When factoring in relisted or canceled listings, cumulative days on the market hit 50, but the median CDOM was just 14 days, suggesting that well-priced duplex market properties sold swiftly, while the others sat.

Inventory totaled 5 months’ supply, indicating the market remains balanced, no strong buyer advantage yet, but much closer to equilibrium than earlier in the year.

Want help navigating the St. Paul duplex market? Contact me to analyze timing, pricing, and your best strategy moving forward.