Good News For Twin Cities Duplex Buyers And Sellers

Twin Cities duplex, triplex, and fourplex sales brought encouraging news in June, reaching their highest average sales price ever—$458,375. That’s a record high and a clear sign that demand remains strong, especially among real estate investors looking for multifamily opportunities in Minneapolis and St. Paul.

Market Trends Favor Sellers, Slightly

June also saw a shift in market balance. Months’ supply of inventory dropped from 5 months in May to just 4 months in June, slightly tipping the scale in favor of sellers.

A total of 83 multifamily properties sold, down from 90 in June of last year. Despite the dip, sellers averaged 100% of their original list price, a modest but meaningful improvement over May’s 99.2%.

Days on Market: Mixed Signals

Properties spent an average of 32 days on the market, four days faster than the previous month. However, that’s still six days longer than June 2024, when properties averaged 26 days.

When factoring in Cumulative Days on Market, which includes relisted and cancelled listings, the total was 56 days, just one more than May, but up 23 days year-over-year.

Minneapolis and St. Paul Lead the Way

Minneapolis contributed the most sales with 43 properties sold, followed by St. Paul with 22. Highlights include:

• A vine-covered Victorian duplex in Payne-Phalen with 5 beds and 3 baths sold in multiple offers for $190,000, perfect for investors seeking sweat equity.
• A mid-century triplex in Minneapolis’ Hale neighborhood facing Minnehaha Creek topped the market at $761,000.

A Boost for Buyers and Real Estate Investors

Buyers, including real estate investors, also had something to celebrate. June saw 145 new listings and 34 active listings on the market, the highest level of activity since October 2015.

Notable listings include:

• A 5-bed, 2-bath duplex in the Hawthorne neighborhood, priced at $150,000. A short sale with “hostile tenants” may scare off some, but not seasoned investors.
• A turn-key 7-bedroom triplex in Kenwood, full of Craftsman-era charm and listed at $1,199,000, offers immediate rental potential or a luxury house-hack option.

Minneapolis led with 49 active listings; St. Paul followed with 29.

Looking Ahead

While June numbers offered solid wins for both buyers and sellers, July may reflect a seasonal slowdown—after all, it’s Minnesota lake season. But for real estate investors watching the Twin Cities duplex market, now’s still a great time to act.