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!

‍