Twin Cities Suburban Duplex Sellers Are Winning (But Expiring Listings Signal a Warning)
No matter where you go in the U.S., the suburbs always have a different personality than the major metropolitan area they surround. That’s certainly true in the Twin Cities, and this month, even more so in the duplex market.
The suburbs tallied 27 sold properties in May. That was the most since August, 2022. Sellers obtained prices that were 99% of their original asking price. The month’s average sales price was a healthy $459,152 and the median $470,000.
Robbinsdale and New Hope lead the way with 4 sales each, followed by Columbia Heights with 3. A Medicine Lake 6 bedroom, 4 bathroom duplex just one house from shore topped suburban sales in May at $670,000. A 4 bedroom, 4 bathroom Farmington up/down side-by-side in need of heavy cosmetics was the value-add play at $205,000.
Sellers spent an average of 33 and median of 36 days on market before selling. When counting any time from a previous time listed, the cumulative average grew to 59 days and median to 47.
May saw the 7 counties post 41 new listings. That was the largest monthly total since June 2022. In all, there were 63 active listings for suburban shoppers to choose from. Brooklyn Park lead the way with 3 new listings. Columbia Heights and Fridley each added two.
Norwood-Young America offered a value-add opportunity with a 4 bedroom, 3 bathroom triplex listing at $230,000. A Coon Rapids townhouse-style fourplex with 8 bedrroms and 4 bathrooms topped the market at $750,000.
In all, the suburbs had just a 2 month supply of inventory in May, which heavily favors sellers.
It’s strange then that expired listings, those that left the market without selling, saw a spike. For the past decade, these have been a quieter market measure as there have been so few. Last month, however, the suburbs saw 28 . This was the highest total of the year.
If you’re thinking of selling your duplex, triplex or fourplex anywhere in the 7 county area or beyond, give me a call. I’d be happy to help.