Low Inventory Keeps Sellers in Charge of Minneapolis Duplex Market

The good news in the Minneapolis and St Paul duplex, triplex and fourplex in December?

The average sales price for the 76 properties that sold was $412,927. The high seller was a 16-bedroom, 14-bathroom fourplex in Uptown. The deal of the month was a 3 bedroom, 2 bathroom house conversion duplex in the Frogtown area of St Paul that traded for $171,000. This is up from last December’s $370,666, but November’s year-over-year was down, so this isn’t a trend of any kind.

There were 58 new listings in December. While this is up from 32.7% from the previous December, for the year, new listings were down 14.5% from the year before. In spite of this, the total number of active listings for the month was 181 which was actually up 23.1% from December 2022.

I can’t say with any certainty what this means. I suppose time will reveal that. We were still very much in a seller’s market with a 2 month supply of inventory on the market.

And if you doubt that data, I can tell you I had a buyer participate in a multiple offer situation over the holidays where the property had 16 offers.

Spring is just around the corner.