Minneapolis Duplex Sales Changes Minor
Every month the city of Minneapolis has more duplex, triplex and fourplex sales and new listings than any other city or suburb of the seven-county metro area. It makes sense then it would be the first place to look for signs of a changing market.
Are there any signs? Be they good or bad?
The most notable change appears in the days a property spent on the market before selling. This July saw an average market time of 38 days. When factoring in those listings that were canceled and relisted before selling, that number swells to 50.
This days on market total is up 22.5% since June, and double what it was one year ago. However, it is identical to the total from July of 2022, which by all accounts was a great real estate market. The cumulative days total, however, was 19% higher than June, and a 67% increase over last July, as well as a 25% increase from the same month in 2022.
In other words, it just took Minneapolis properties a bit more time to sell last month than in other summers. There is just a three month supply of inventory for the month, meaning in spite of this, it remains a sellers market.
The good news is they are still selling well. Forty-four properties changed hands in July, at an average sales price of $427,748. This average was below June’s $487,958 and July of 2022’s $429,797, but ahead of July of 2023’s $395,960. Sellers averaged a closed price of 100% of their original asking price.
The opportunity of the month was a 3 bedroom, 2 bathroom house conversion in the McKinley neighborhood that closed at $215,000. The top seller of the month came from the ECCO neighborhood. The 6 bedroom, 3 bathroom, 3900 finished square foot Craftsman came with solar panels, EV charging, and sold for $722,000.
The Powderhorn neighborhood saw 6 closed sales for the month. The King Field, Beltrami and ECCO neighborhoods also contributed three each.
July also saw an 18% increase in new multifamily listings over June. This is not a cause for alarm, as this is 17.4% below June’s new inventory total, and 21.1% below July of 2022.
The majority of new listings came from the Windom Park and Whittier neighborhoods, which added 5 each to the month’s total. South Uptown was the next biggest contributor with 4.
Incredibly there were 134 active listings in Minneapolis in July. This is well below the 141 from July of 2023 and the 188 from July of 22.
In short, it’s still a great time to be a Minneapolis duplex seller.