Minneapolis Duplex Sellers in Short Supply

The Minneapolis and St Paul duplex market continued to suffer from a lack of inventory during the month of March.

There were 62 duplex owners who successfully sold their duplexes, triplexes and fourplexes during the month. The high seller was a duplex at 3444 Colfax Ave S, which achieved a sales price of $600,000. At the other end of the spectrum was an East St Paul duplex that closed for $36,000.

Eighty-four duplex, triplex and fourplex owners decided to get their properties on the market ahead of the spring rush in March. Of these sellers, 42 have already received and accepted purchase agreements.

Low vacancy rates continue to push rents higher. Meanwhile, continued low interest rates have begun to appeal to first time home buyers choosing to look for a duplex rather than a single family home.

It is a duplex sellers market. Buyers are jumping on listings in which they perceive value and in many cases, we are seeing multiple offers.

We must remember, however, that real estate markets have cycles. It won’t be a seller’s market forever.