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.
Duplex: $315,500 (479 sales)
Triplex: $351,750 (22 sales)
Fourplex: $431,000 (47 sales)
Minneapolis Duplex: $340,000 (198 sales)
Minneapolis Triplex: $425,000 (11 sales)
Minneapolis Fourplex: $473,500 (18 sales)
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!
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. Not this year!
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.
Real estate is considered a "critical sector" under Minnesota's "Stay at Home" directive.