Minneapolis Duplex Market Trudges Toward Spring

It’s one thing to talk about the duplex market in the seven-county metro area. But what is the duplex market by county, city or even neighborhood?

While there aren’t always enough listings or sales from which to extrapolate data, we can for the city of Minneapolis.

In January, Minneapolis saw 23 duplexes, triplexes and fourplexes sell at an average price of $406,637.  The high-seller for not only the city, but the entire metro was a 9 bedroom, 7 bathroom duplex in the Cedar Isles neighborhood that fetched $1,100,000. The value buy of the month was a 5 bedroom, 3 bath duplex in the McKinley neighborhood that traded for $178,000.

The Whittier and Near North neighborhoods tied for the most sales activity, contributing two apiece.

Just 36 new listings came on the market in January; exactly the same number as last year.

The South Uptown tied with the Jordan neighborhood for the number of new multifamily listings for the month; contributing four each.

Total active inventory stood at 95 opportunities, however. That’s an increase of 32% year over year. While the average listing lingered on the market 70 total days before selling, this is exactly the number it was last year.

Nonetheless, it resulted in a four month supply of inventory. That figure still means it’s a seller’s market, but just barely. One year ago, there was just a two month supply of inventory in the Minneapolis duplex market.

Whether that means after a decade of Minneapolis duplex sellers being in the drivers seat is about to end, we have yet to see. March is just a few weeks away. We’ll know more soon.