Pillsbury House Tops Minneapolis Duplex Market

April was a good month for both Minneapolis duplex buyers and sellers.

Buyers saw 77 new duplex, triplex and fourplex listings hit the market in April; up 32.7% over April of last year. The month also saw 163 active listings in the city during the month; the most in a decade. The Whittier neighborhood chipped in 5 new listings, with the Sheridan and South Uptown neighborhoods tied for second with 4 each.

A 6 bedroom, 2 bathroom house conversion with a $100,000 water lien and potential short sale in the Audubon neighborhood was Minneapolis’ value-add new opportunity for the month. An East Isles, 8 bedroom, 6 bathroom triplex with tremendous curb appeal offered a buyer a turn-key investment property at $995,000.

Buyers saw additional good news in the 163 active listings in Minneapolis in April. This was the most duplexes, triplexes and fourplexes for sale in any April in the last 10 years. It was also the second highest in the last three. That means buyers have more to choose from.

That doesn’t mean it’s a buyer’s market. Sellers realized 100% of their original list price when they closed. The last month that happened was October.

There were 38 happy duplex, triplex and fourplex sellers in Minneapolis in April. On average, they turned the keys to their properties over at a price of $453,966.

The month’s breathtaking high seller was also historic. The former home of Charles S. Pillsbury, the off-market triplex boasted gorgeous woodwork, stained glass, and numerous fireplaces. It also needed some work, closing at $800,000. A more traditional value-add duplex with 4 bedrooms and  bathrooms in the Jordan neighborhood closed above list at $250,000.

Sold properties spent an average of 32 days on the market. Those that were cancelled, then relisted spent 60 days of market time before selling. This was the highest total for April since 2016.