Minneapolis Duplex Market Counts Change

Six. That’s the number of months in the last year the Minneapolis duplex, triplex and fourplex market has had a 4 or 5 month supply of inventory.

The last time that happened was 2016.

And it means in Minneapolis, where March saw a 4 month supply, anyway, we’re at or very near a balanced market. That means duplex buyers and sellers are on relatively equal footing when it comes to a sale.

Anything less than that and sellers are in charge, as they have been for almost a decade. Anything more and buyers are in charge.

March saw 32 duplexes, triplexes and fourplexes sell in Minneapolis. This was the fewest closed multifamily transactions in for the month since 2019. Sellers averaged a final sales price of $428,919, which was 98.4% of their original asking price.

The Whittier neighborhood fielded the month’s high seller. A brick fourplex with 3 bedroom units closed at $749,000. Whittier and the Windom Park neighborhood saw the most sales activity for the month with 3 each.

March’s value-add property was a 4 bedroom, 2 bathroom house conversion in the Jordan neighborhood. Listed at $130,000, it sold for $138,500.

During the month, sold properties spent an average of 52 days on market before selling. Last March this figure was 46, and in 2023, it stood at 26. However, when including any days the property was on the market previously without selling, cancelled and relisted, the Cumulative Days On Market (CDOM) rose to 92.

March saw 81 new duplex, triplex and fourplex listings hit the market. This highest tally for March since 2022. As a whole, the month saw 141 active listings. That is the most of any March in over a decade. The Lyndale neighborhood gave buyers the most opportunities with 6 new listings, followed by Powderhorn with 5.

A 2024 built 9 bedroom, 6 bathroom triplex in the Central neighborhood was the new turnkey opportunity of the month at $1,099,900. The afore-mentioned Jordan neighborhood house conversion was the opportunity for rehabbers.

There were 43 sellers who either withdrew their properties from the market or the listings expired in March without selling. That was the least in March in over 5 years. Of course that contradicts what I set forth above. However, it’s a lagging indicator. We’ll see if that changes.

Of course, if you’re thinking about buying or selling a duplex, triplex or fourplex in Minneapolis or anywhere else in the Twin Cites, give me a call. I’m glad to help.