Minneapolis Fails To Set Duplex Record
Minneapolis has more duplexes, triplexes, and fourplexes than any other city in the metro. So it makes sense that would ultimately dictate what happens in the overall Twin Cities duplex market.
While I’ve always understood that, my mind never once stopped considering how all those other cities also impact the Twin Cities duplex market. That was, until today.
In April, the 7-county metro area had its highest average sales price in history. When I calculated Minneapolis’ data, I expected another record. However, April’s average sales price of $442,005, was eclipsed by the record mark set exactly one year prior of $460,522. The average was of course, impacted by sales across the metro.
There was a bit of good and bad news for Minneapolis duplex sellers. Final sales prices averaged 100 percent of their original asking price. This was up from the 97.7 percent realized in March. However, it too was not a record. That bar was set in April of 2021, when duplexes sold for an average of 103.5 percent of their asking price.
The high seller for the month was found in the Lowry Hill East neighborhood. This 2014 built triplex had 15 bedrooms and 12 bathrooms. It closed at a final sales price of $1.075,000. The value of the month was found in the Hawthorne neighborhood, where a 3 bedroom, 2 bathroom house conversion duplex retailed for $200,000.
The Holland neighborhood in northeast and the Hawthorne neighborhood in north each saw the most activity, with 5 sales each.
Duplexes, triplexes and fourplexes averaged just 34 days on the market before selling. This is down from March’s 46. Cumulative days on the amrket (CDOM) stood at 53; exactly what it was one year ago, and well below March’s 132.
Prospect Park East and Powerderhorn Park provided the most new opportunities to Minneapolis duplex buyers, with three new listings each.
In all, with just a 2 month supply of inventory, Minneapolis is still very much a duplex sellers market.
If you’re thinking of buying or selling, or are simply curious about what your property’s worth, give me a call. I am always happy to help.