Things Looking Up In Minneapolis Duplex Market

Everything was up in the Minneapolis duplex market in September.

New listings for the month finished at 87. That’s a 22.5% increase since August, and 8.75% year-over-year growth.

The majority of new listings came from the Powderhorn Park and Whittier neighborhoods, which each offered 8 new opportunities. A boarded-up 4 bedroom, 2 bathroom house conversion in Ventura Village offered an equity-building opportunity at $160,000.  A magazine-worth East Isles triplex with 7 bedrooms and 5 bathrooms topped the new opportunities at $1,200,000.

The month also saw 185 active duplex, triplex and fourplex listings; a 4.5% increase over September. This was also an increase over last September of 7.6%.  It was also an increase of 27.6% from 2020’s numbers; so buyer’s are increasingly getting more properties to choose from.

And if you’re a duplex seller, there’s good news for you too. fifty properties sold in September; up 19% since August and 42.9% year over year. Seller’s etched an average sales price o $453,211, which was up from August’s $436,536 and last year’s $399,484. This increased activity was not confined to one neighborhood. In fact, Midtown Phillips, South Uptown, Waite Park and Powderhorn Park managed a four-way tie with three sold listings each.

On average, these properties spent 30 days on the market before selling and garnered sellers 99.1% o their original asking price. Median days totaled 23.  This was roughly equal to one year ago. Those properties whose listing was cancelled and relisted spent an average of 76 days on the market prior to closing. This was up from 48 in August, 47 in September 2024, and 27 in 2020. Cumulative median days on market stood at 33, up 3 rom August,  and 13 from September 2024.

The city did see one measure go down; months supply of inventory.  After tipping slightly toward a buyer’s market in August with a 5 month supply, September saw that number fall back to 4. That puts sellers back in the driver’s seat ever so slightly.

Unfortunately, there was one other number that went up. Expireds. At 77, September saw more properties leave the market without selling than any other month not named December since November, 2022. In fact, this represented a 67.4% year-over-year increase.

It’s a number that bears watching.