Minneapolis Duplex Sales Prove Boring Can Be Good

Sometimes boring is good. In July, the Minneapolis duplex market was just that. Boring.

The month saw 79 new duplex, triplex and fourplex listings. That’s 7 more than July 2024, but down from the 86 that came on the market in July 2023.

Near North lead the way with 5 new listings to the market. Willard-Hay, Hawthorne, South Uptown and Ventura Village added 4 apiece.

The new inventory market topper was a 9 bedroom, 3 bathroom traditional duplex in the Kenwood neighborhood that listed at $899,900. A 4 bedroom, 2 bathroom house conversion in the Webber-Camden neighborhood was the month’s new sweat equity opportunity at $209,000.

In all, the month saw 165 active listings; down from 175 in June. However, it also represented a 15.4% increase of active inventory from July, 2024.

The month’s sales tally did bring some good news, however. The 45 sold multifamily properties in the city were the most since December. This was also one more sold property than July, 2024.

An 8 bedroom, 4 bathroom side by side duplex in the Fulton neighborhood topped the market at $805,000. A boarded-up triplex in the Near North neighborhood was the equity-adding opportunity closing at $152,300.

Combined with the other 43 solds, they earned an average sales price for the month of $407,679. Sellers achieved 99.4% of their original asking price.

Closed properties spent an average of 39 days on the market; up one day year over year. The median market time of 24 days ticked up from 21 one year ago.

In all there was a four month supply of duplex, triplex and fourplex inventory in Minneapolis. That’s up from 3 months last year, but still leans in favor of sellers.

Whether you’re thinking of buying a selling a duplex in Minneapolis, St Paul or any of the surrounding cities, give me a call. I’m happy to help.