Twin Cities Suburban Duplex Listings Hit 10-Year High

If you’ve been looking for a duplex, triplex or fourplex in the suburbs of Minneapolis or St Paul, your odds of success are better than they have been in years.

That’s because September’s 85 active listings are the most properties available for sale in over a decade. This number was buoyed, in part, by 42 new listings. This was the largest group of new opportunities to hit the market in a month since June 2022.

Brooklyn Center, New Brighton and Mahtomedi contributed most to this group, with 3 new listings each. The Mahtomedi listings were a group of fourplexes. Two of these buildings topped the month’s new offerings. Each featured 12 bedrooms, 4 bathrooms and listed for $800,000 each. A Shakopee duplex with a total of 2 bedrooms and 2 bathrooms offered a chance to do a bit of updating at $264,900.

In a bit of a surprise, September posted the second-highest monthly sales total for the year, posting 25 closed multifamily transactions. On average, the month’s solds obtained final average sales prices of $444,092 and a median of $438,000. As a whole, these were 98.2% of the property’s original listing price.

On average, these listings spent 35 days on the market before selling. This number dropped to 27 when viewed as a median. Factoring in any previous market time, cumulative days on market grew to 56 days, while the median remained the same.

South St Paul contributed 4 sales to the month’s total, followed by Columbia Heights with 3. Multiple buyers found value in a 4-bedroom, 2-bathroom South St Paul duplex house conversion, which sold for $175,000 getting bid up from its $150,000 list price. Meanwhile, a fully rehabbed 8-bedroom, 4-bathroom Burnsville duplex topped all sales at $689,900.

The good news is strong sales activity helped shift the suburban small multifamily market from a 6-month supply in August to just a 3-month supply in September. This means, at least for September, sellers were once again in the driver’s seat.