Minneapolis Sets Record Duplex Sales Price

Minneapolis duplex owners got some good news in June as a market that appeared to be on its way to becoming balanced rebounded into seller’s market territory.

The average months supply of inventory, which had been at 4 in May, dropped to 3 in June.

Meanwhile, the average number of days a duplex, triplex or fourplex was on the market before selling dropped from 45 to 31. The Cumulative Number of Days on market (which includes total days on market since the property was first listed) saw a staggering drop from 100 to 42.

Minneapolis saw a total of 45 sales in June. It also set a new record highest average sales price at $487,958. This exceeded the previous high of $474.392 which was set in May. Six Minneapolis neighborhoods contributed three sales apiece to the average: Sheridan, St Anthony East, Lowry Hill East, Hiawatha, Corcoran and ECCO.

The value opportunity of the month, both in terms of a sale and new listing was a 4/2 house conversion in the McKinley neighbordhood, which listed and closed at $135,000.  A 7 bedroom, 3 bath 1914-built duplex in the East Isles neighborhood helped the average sales price, closing at $1,032,500.

There were 60 new listings on the market in June. Powderhorn Park contributed 7 properties to take a look at, Whittier added 5, with Holland, Willard-Hay, South Uptown and Seward each contributing another 4. In all, there were just 128 active listings for the month; down 10 from May, but three more than in June 2023.

In the midst of all this good news, there was one cautionary statistic. June saw 71 expired and cancelled listings; more than any month since December. It was the third highest total in 18-months. However, given the encouraging news on interest rate reductions, it may not be cause for alarm going forward.