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October Real Estate Market Update

Scott Hoefler


Minnesota has seasons and so does the Minnesota real estate market. In normal years (not 2020), the market tends to slow down starting mid-October. Families are in full swing of their school routines, the holidays are approaching, and no one wants to move in the middle of winter. However, as we are all aware, this has not been a normal year, and we can't expect real estate to follow normal trends. October saw a little relief with early snow, but the HOT summer market has carried through October and into November.

The reason the market demand is still strong is because real estate missed prime weeks of the spring market due to the COVID Stay at Home Order. This summer, families decided to hunker down instead of sell and move. Likewise, many investors did not sell their rental properties because they did not want to disrupt their tenant’s lives with showings and relocation. With COVID cases continuing to rise as we head into winter the number of listings has dropped off but many buyers are continuing their home search. We are still seeing multiple offers on properties as demand remains high.

With many jobs and schools remote, many homeowners are requiring home offices and not as concerned about commute times. Therefore, homeowners are taking this opportunity to change things up and sell their homes in search of something that suits their new needs.

Here is where we are at year-to-date in the small (2-4 unit) multi-family market:

2020 Median Prices (7 county metro)

Duplex: $325,000 (711 sales)

Triplex: $351,500 (37 sales)

Fourplex: $450,000 (79 sales)

75% of the 2-4 unit multi-family properties that sell in the metro area are within Minneapolis and Saint Paul. Here is a breakdown of those city-specific prices:

Minneapolis Multi-Family Market (YTD 2020)

Minneapolis Duplex: $353,000 (337 sales)

Minneapolis Triplex: $430,000 (15 sales)

Minneapolis Fourplex: $494,500 (34 sales)

Saint Paul Multi-Family Market (YTD 2020)

Saint Paul Duplex: $260,600 (200 sales)

Saint Paul Triplex: $350,000 (11 sales)

Saint Paul Fourplex: $443,700 (20 sales)

If you are looking for more information about the Twin Cities real estate market or would like to discuss your next investment opportunity, please reach out! We would love to help!

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