Minneapolis Duplexes For Sale Are Rare

December saw just 28 new duplex, triplex and fourplex listings come on the market in Minneapolis; fewer than any month since December of 2022. In fact, with just 109 total active listings for the month, the city saw less inventory than any month since May of 2023.

With 43 closed sales during the month, this resulted yet again in just a 3 month supply of inventory; very much a sellers market. Those who sold managed to receive an average sales price of $435,862 and on average, obtain 95.6% of their original asking price. They did, however, spend an average of 58 days on the market before selling; a number that bumped to 79 if we add the days from previous times they were listed to the total.

If there was a trophy for the most expensive listing sold it would go to a 16 bedroom, 16 bathroom fourplex in the Lyndale neighborhood which traded hands at $1,337,500. A 3 bedroom, 2 bathroom house conversion in the McKinley neighborhood was a tremendous value for its buyer at $160,000. The Seward and Central neighborhoods saw the most sales activity in the month, contributing 4 each to the month’s total.

The Whittier and Midtown Phillips neighborhoods lead the way in new listings, each adding three to the 28 listing total. The most affordable opportunity came in a completely renovated 4 bedroom, 2 bathroom side by side in the Willard Hay neighborhood at $279,000. A South Uptown 11 bedroom, 5 bathroom duplex topped the list of new offerings at $1,050,000.

A lack of inventory means there are agents calling one another looking for off-market deals. If you’d like to explore the market; or would sell at the right price, give me a call. I’d be happy to talk with you about your options.