Minneapolis Duplex Market Once Again Favors Sellers

The Minneapolis duplex, triplex and fourplex market experienced a bit of a rebound in June, when the month’s supply of inventory fell from 7 in May to 4 in June.

Months supply of inventory is indicative of whether it is a buyer or seller’s market. While a 7 month supply means it’s taking much longer for properties to sell, putting buyers in the driver’s seat, a 4 month supply once again favors sellers.

The city saw 44 small multifamily property owners sell their properties in June. On average they achieved 100% of their original asking price, and netted a sales price of $454,707 and a median value of $417,500.

A value-add triplex in the South Minneapolis Hale neighborhood topped the market at $761,000. An off-market Cleveland neighborhood 4 bedroom, 2 bath 1950’s built duplex set a high bottom for the city at $265,000. The Windom Park and Whittier neighborhoods saw the most activity in June, with four properties selling in each.

Duplex, triplex and fourplex listings in the city spent an average of 33 days on market before selling. At 60 days cumulative days on the market, that number nearly doubled when including those that went off the market without selling then came back on. Median days on market fared far better, with 20 being the DOM and 35 the CDOM.

June saw 70 new listings added to multifamily inventory. The South Uptown and Seward neighborhoods lead the way, adding 5 each for shoppers to choose from. The value-add opportunity of the month is a Hawthorne neighborhood 5 bedroom,  2 bathroom short-sale at $150,000. A turnkey Kenwood triplex featuring 7 bedrooms and 3 baths topped the list at $1,199,000.

In all, June saw 172 active listings in Minneapolis. While this represented a 27.4% increase year over year increase, and a 37.6% increase from June 2023, it was nonetheless a significant drop from the 195 active listings in May. Historically small multifamily property listings peak in mid to late summer, so this number may rise.