Minneapolis Duplex Market Needs A Glass Elevator

In the book and movie Charlie and the Chocolate Factory, Willy Wonka’s glass elevator was extraordinary because it did more than simply go up and down. In fact, it could go in almost any direction.

That’s kind of like the Twin Cities duplex market in June.

For example, there were 200 new 2-4 unit listings for the month of June in the seven-county metro area. That represented a month-over-month increase in new inventory of 23.5%.  Yet it was still 43% below the total amount of small multifamily inventory for sale in June of 2022.

Of these active listings, 166 were new to the market as of June 2023; so the vast majority. This number of new listings was down 15.3% as compared with the number of newly listed properties in June of 2022.

Metrowide, 45% of the duplex, triplex and fourplex sellers actively on the market accepted offers.  Those transactions that closed did so at an average sales price of $416,010.  Excluding the suburbs, Minneapolis and St Paul saw an average sales price of $380,963.

The value of the month was a duplex in the Phalen neighborhood of St Paul that netted the seller $121,625. A Maplewood fourplex was the month’s top seller at $770,000.

During the same month in 2022, 49% of all sellers accepted offers. Those transactions that closed last June did so at an average sales price of $413,863. Minneapolis and St Paul saw an average of $409,443.

All said, there continues to be just a two-month supply of inventory for sale; meaning it’s still very much a seller’s market.

Expect this number to tick up slightly as it does late in every summer while less serious buyers are too busy at the lake to bother with shopping for property.