How Are Minneapolis Duplex Sales?

The most popular of my blog topics of every month is the market data for the Twin Cities duplex market. What you may not know is my assistant and I compile that data by hand, as the area Realtors associations only publish data for single-family homes.

The Realtors associations not only provide market-wide data, but also more neighborhood-specific statistics. I thought it would be fun this year to get a closer look at Minneapolis and St Paul individually, and the suburbs as their own entity.

So let’s talk about duplex, triplex and fourplex sales specifically in the city of Minneapolis.

There were 38 duplexes, triplexes and fourplexes that sold in the city in December. They traded at an average sales price of $433,031. The top of the market was a newer fourplex in the East Harriet neighborhood, which closed at $1,404,000. The duplex that may have been the opportunity of the month was in the Hawthorne neighborhood. This 2 bedroom, 2 bath up/down duplex closed at $188,999.

The Lyndale neighborhood saw four transactions close during the month, followed by Hawthorne and Midtown Phillips with three each.

There were 45 new listings in the city in December. The Whittier neighborhood saw four properties come on the market. The Hawthorne neighborhood was the second biggest contributor with three. Overall, Minneapolis tallied 188 active listings for the month.

Minneapolis continues to be a seller’s market, as December yielded just a three-month supply of inventory. However, the average number of days it took between the listing going active and pending was 45. This is up significantly from the 17-day average in November. This may be due, in large part, to seasonality.

If you would like more neighborhood-specific data or some other statistic I haven’t thought of, please let me know. And be sure to watch for next week’s numbers from the city of St Paul.