Minneapolis’ Incredible Duplex Shortage

There are fewer active duplex listings in Minneapolis, St Paul, and the seven-county metro area than in any month since February of 2018.

There are currently just 121 duplexes, triplexes, and fourplexes actively listed on the market. Of these, all but 85  have offers on them.

Think about it. In February 2018, mortgage interest rates were 4.22%. Today, they are 6.42$=%. That’s more than a two percent change, which can change the monthly payment on a $400,000 mortgage by $8800 a year; $733 per month.

Meanwhile, the average sales price in February 2018 was $272,069; a whopping $105,069 less than this Februarys’s $377,141.

If you’re thinking of selling your duplex, it’s still a great time to do so. Buyers have very little to choose from and if the property is priced right, we are still seeing multiple offers.

Give me a call today if you’d like to learn how you benefit from today’s duplex shortage!