Buyers Find More Choices In Twin Cities Duplexes

There’s some good news for frustrated Twin Cities duplex, triplex and fourplex buyers as April saw more active listings to choose from than any other April in a decade.

There were 171 new listings that hit the market in April for buyers to choose from. This represented a 42.5% jump from April 2024, and a 29.5% increase from March of this year. In fact, this was the highest number of new listings for the month since June, 2022. Most (76) hit the market in Minneapolis. St Paul came in a close second with 63.

A 6 bedroom, 2 bathroom house conversion duplex in the NE Minneapolis Audobon Park neighborhood was the month’s problem-solver opportunity at $165,000. The property is a potential short sale due to a  six figure water lien. An updated 8 bedroom, 6 bathroom Victorian triplex in the Summit University neighborhood brought the best of old and new to the market at $1,350,000.

As a result of more choices, there were more sales. In fact, the 81 small multi family properties that changed hands during the month was the highest monthly total since June, 2022.

As is the norm, the vast majority of the month’s sales were contributed by Minneapolis, with 37, and St Paul, with 21. The month’s high seller was a character-rich triplex in St Paul’s Summit-University neighborhood on the market for the first time in more than 40 years, closing at $889,000. A Payne-Phalen neighborhood 4 bedroom, 2 bathroom house conversion was the month’s best sweat equity opportunity at $165,000.

On average, sellers accepted offers that were at 100% of their original list price. This helped create an average sales price for April of $466,596. These multifamily properties spent an average of 33 days on the market before selling. The cumulative days on market, which included those properties cancelled and relisted, totaled 58. This number was down 44.8% since March.

In April, there was a 4 month supply of inventory, meaning if nothing new hit the market from now forward, we’d be sold out by the end of July. While still a seller’s market, this is nonetheless double last April’s  month supply.

If you’re thinking of buying or selling a duplex, triplex or fourplex anywhere in the Twin Cities, or would simply like to talk about your options, give me a call. I’m happy to help.