10 Jun Our duplex market in the Twin Cities
Our duplex market in the Twin Cities
Many buyers like the investment of a duplex. They can live in one side and rent out the other side. This allows them to use 3.5% FHA financing and the rental income from the other side to qualify. It also enables them to homestead the property. It is a great first purchase option since it starts your real estate investment portfolio.
What is the duplex market like right now?
Like our single-family inventory, the duplex market has limited homes available. Here is a summary for duplexes in the seven county Twin Cities area.
· Coming soon status: 6.
· Active duplexes for sale: 95 but 20 of those are sold contingent on a home inspection.
· Duplexes in pending sale status (sold but not closed): 144.
· Average days on the market for all is 29.4 days. Average for pending sales is 23.1 days. So, duplexes are selling quickly.
What are the statistics for duplexes sold in 2021?
For the seven county Twin Cities area we have had 490 duplexes sell and close. The most common sales price range is $300-$400K with 182 sales. Average marketing time for those sales was 36.7 days, average list price was $354,631 and average sale price was $360,850.
How can I find a duplex right now?
The simple answer is yes. What will it take? Seeing the duplexes as soon as they are available, making strong offers and working with an agent who has experience in this type of market!
Please reach out to me if you have questions about housing in Minnesota at 612-386-8600.
Look for more articles and videos in the future on different aspects of real estate and our state of Minnesota.
Real estate is a wonderful investment!