Minneapolis Warms Up For the Spring Duplex Market

It’s officially the week after the Super Bowl; the unofficial start to the 2024 real estate sales season. Before the rush to buy and sell Minneapolis and St Paul duplexes truly begins, let’s take a look at January’s market.

Last month, there were 164 active duplex, triplex and fourplex listings for sale in the 7 county metro area. This is the lowest total of any month since April of 2023. There were 78 new property listings in January. While that’s up 20 listings from December (always a slower month), it was the fewest number of new listings since February of last year.

In other words, it’s should still very much be a sellers market. And with a three month supply of inventory, it still very much is.

This is also evidenced in the 99.6% ratio of closed price to original list price. While this isn’t over 100% like last spring’s market was, it is nonetheless higher than any number since July.

January saw 62 small multifamily property sales close. The average sales price was $403,272. The deal of the month was a 4 bedroom, 2 bath in the Dayton’s Bluff neighborhood which traded hands for $170,000. The market topper was a 9 bedroom, 7 bathroom waterfront duplex in the Cedar-Isles-Dean neighborhood which fetched $1,100,000.

If you’re thinking of selling your Minneapolis or St Paul duplex, triplex or fourplex, give me a call. Demand for properties remains high, and positive economic news bodes well for sales this year.