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September Real Estate Market Update

Scott Hoefler


We are in the middle of one of the most exciting real estate markets in Twin Cities history.

August was HOT and COVID hasn't slowed things down. Sellers are netting 98.8% of their asking price. Homes in the first-time home buyer price point ($250K-400K) are selling for well over list price (upwards of$30,000 on some listings!) within the first 24 hours on the market. From a multi-family perspective, we are on trend to finish the year with 20% less (duplexes, triplexes and fourplexes) sales than in years past. Right now, we have less than two months of inventory available. In a neutral market that number would be around 6 months. The combined factors of COVID, limited inventory and low interest rates are the main reasons for our current all-time prices.

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: $315,500 (479 sales)

Triplex: $351,750 (22 sales)

Fourplex: $431,000 (47 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 Market (YTD 2020)

Minneapolis Duplex: $340,000 (198 sales)

Minneapolis Triplex: $425,000 (11 sales)

Minneapolis Fourplex: $473,500 (18 sales)

Saint Paul Market (YTD 2020)

Saint Paul Duplex: $255,300 (116 sales)

Saint Paul Triplex: $395,750 (6 sales)

Saint Paul Fourplex: $413,750 (14 sales)

To help you keep a pulse on the market, Side by Side Realty is rolling out a monthly Scorecard. The score card is designed to show you high-level data that pertains to our local multi-family investment market. If you’d like to stay updated on the market, join our email list today!

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