April Average Minneapolis Duplex Price Sets Record

I don’t want to bury the lead, so here it is. The average sales price for Minneapolis and St Paul duplexes in April was the highest on record at $444,926. The previous high was May, 2022, which recorded an average sales price of $432,736.

What about interest rates? Haven’t they decreased values?

In theory, yes. But this price spike is driven almost entirely by one simple thing; inventory.

Last April there were 219 Twin Cities small multifamily properties for buyers to choose from.

This year? 129.

So the amount of properties actively listed for sale has dropped by 41%.

But there’s a catch.

Last April 131 properties sold. This April there were 75.  So there were also 43% fewer sales April over April.

Are there fewer buyers? I don’t think so. Traffic in my listings has been robust, and I know I and many of my peers have had a difficult time finding inventory for the buyers I represent.

The high seller for the month was a duplex (yes, you read that right) in the Standish neighborhood of South Minneapolis. Built in 2022, the 8 bedroom, 8 bath property traded hands for $1,278,500. A duplex in the Payne-Phalen neighborhood of St Paul was the value of the month. It received multiple offers and closed 10 percent about the asking price at $165,000.

Yes, statistically, the new construction duplex sale helped lift the average sales price. However, so too did the Phalen duplex, as it sold for more than $120,000 than last April’s bargain of the month.

Either way, it’s still a great time to be a Minneapolis or St Paul duplex seller.