38-year-old Gerald Tyrone Murphy was shot during the raid early Sunday morning and died from his injuries at an area hospital.
Murphy is accused of killing Carmenlita Stevens and her 13-year-old son.
The standoff first began around 3:00 Friday afternoon. Police arrived to conduct a welfare check at the home on the 200 block of Grand Street.
Officers noticed the smell of human decomposition and found Murphy armed with a gun.
He told police he had three children barricaded inside a bedroom and that he had explosives.
Police were able to get Steven's 19-year-old son with autism, who was in the basement and unharmed, out of the home. He was taken to stay with relatives.
A standoff with police soon ensued, lasting more than 30 hours.
Steven's remaining children - ages 4, 16, and 18 were all barricaded inside with the suspect.
Just before 4:00 a.m. Sunday, SWAT teams moved into the home.
Police set off an apparent flash bomb and witnesses heard possible gunfire.
The hostages were safely rescued and taken to area hospitals for treatment and evaluation.
Police say they are still in the early stages of the investigation and are continuing to investigate.