Minneapolis Duplex Market Relatively Unchanged

August brought slight changes to the Minneapolis duplex, triplex and fourplex market, which closely aligned with the slight changes we’ve seen since April.

For example, the number of new listings rose was down 8 from July to 71. Active listings rose one unit month to month, to 170.

Differences become more apparent when we look back over a longer period of time. For example, year-over-year, we saw a 7.6% increase in inventory. The good news is the 71 is also 15.5% lower than it was in 2020. However, it is up 16.3% from 2015, which was the tail end of the foreclosure crisis.

Powderhorn Park, Whittier and the Hawthorne neighborhoods contributed four new listings each to the supply.  A Prospect Park- East River Road neighborhood fourplex  with 10 bedrooms and 5 bathrooms set the high mark at $991,000. A partially complete Windom Park duplex with two 1 bedrom, 1 bathroom units offered a shot at some sweat equity at $150,000.

August also saw 170 total active listings; up 1 from July. In other words, inventory remained relatively flat. However, it also represents a 6.9% year over year increase, and a 86.8% explosion from 2020.

The month also saw 41 Minneapolis properties change hands at an average sales price of $438,866 and a median of $460,000. These numbers averaged 99.1% of their original list price.

One year ago there were 36 properties that sold at an average of 100% of their original list price. While the average sales price was $464,184, the median was $435,000. I suppose one could consider that something of a wash. Of course, both years made valid cases for Minneapolis real estate continuing to be a great investment. The average sales price in August of 2015 was $241,190.

The Lowry Hill East and South Uptown neighborhoods were the month’s market sales leaders at 3 apiece.

The high seller this August was found in the Kenny neighborhood. The 1928 built 5 bedroom, 3 bathroom duplex traded at $739,085. The partially rehabbed duplex in Northeast’s Windom park neighborhood mentioned above closed $13,000 above list at $163,000.

At a four month supply of inventory, Minneapolis sellers continue to have slightly more negotiating power than buyers.