Twin Cities Suburbs Set Record High Price

When I first saw a record-setting average sales price of $516,706 for Twin Cities suburban duplexes, triplexes and fourplexes in June I thought it couldn’t possibly be right.

I looked for the median price. That was $503,400. That means half of the month’s 16 sales sold for more than that, and half for less. Surely, I thought, the high seller must have been a new construction fourplex in a sought-after suburb.

Nope. Instead it was a rare, 5 bedroom, 3 bathroom duplex on White Bear Lake that closed at $752,500. The answer may be that even the month’s “low” seller was a 3 bedroom, 2 bathroom side by side in Robbinsdale that closed at $322,000.

Better yet, sellers received an average of 98.8% of their original asking price. As a group, they spent an average of 34 days on the market before selling, and a median of 31. When including the time accrued by cancelled and relisted properties, Cumulative Days on Market swelled to an average of 51.

The month saw 35 new listings hit the market, up from 19 one year ago. There was a total of 64 active listings in June. This represented a 65% increase over last year. It was the highest amount of inventory in the suburban multifamily market since June 2017.

Hopkins offered buyers 8 new listings to choose from in June, while Champlin contributed 4. A move-in ready Excelsior 4 bedroom, 4 bathroom side by side duplex with a large yard hit the market at $679,000. A 3 bedroom, 2 bathroom Robbinsdale side by side at $299,999 represented the market’s entry-level opportunity.

The suburban market saw a 4 month supply of inventory in June. While not as white-hot as a market with, say, a 2 month supply, it nonetheless remains a seller’s market.

Just as they have all year, the Twin Cities suburbs continue to be a great place to buy or sell real estate.