Minneapolis Duplex Numbers Grow

Last month, there were more duplex, triplex and fourplex properties for sale in Minneapolis than in any other November since 2015.

Those 162 active listings represented an increase in buyer choices of 14.9% over November one year ago. This number was fueled in part by 53 listings that were new to the market. That too represented a year- over-year increase, in this case of 35.9%.

The Sheridan and Powerderhorn Park neighborhoods contributed 4 new listings each to the total. A 6 bedroom, 2 bathroom woodwork-laden triplex in the Lowry Hill neighborhood topped new offerings at $899,000. A boarded-up 3 bedroom,  2 bathroom duplex in Powderhorn Park offered a chance at earning some sweat equity at $75,000.

Increased inventory combined with declining interest rates should be good news to would-be multifamily owner occupants and investors. However, the month saw just 30 properties get new owners. This was a year-over-year decline of 30.2%, and a 36.2% decline from October.

Property sellers earned an average final sales price of $416,230. This too represented a year-over-year decline, this time of 4%. Minneapolis’ November high seller was a 10 bedroom, 4 bathroom duplex in the Prospect Park – East River Road neighborhood that closed at $699,000.

The St Anthony East, Sheridan, Whittier, Powderhorn Park and Northrop neighborhoods contributed two sales each to the total.

Sold properties spent an average of 55 days on the market before selling, and a median of 23 days. These numbers are deceptive, however. When including those properties that were cancelled and relisted before selling, Cumulative Days on Market (CDOM), which is a measure that includes all the days on market,  swelled the tally to 110 days and median of 48. The former represents a whopping 220% year-over-year increase.

More listings and fewer sales is of course, a good formula to increase months of inventory. Sure enough, this figure rose to 5 from October’s 4 and last November’s 3. In other words, we are entering a balanced market, and if the month’s continue to rise, the first Minneapolis duplex buyers market in a decade.

That’s good news for buyers.

And for sellers? If you’re thinking of selling a duplex, triplex or fourplex in the spring, remember, that market typically starts the week after the Super Bowl (February 8, 2026).

If you’d like recommendations on what to do to get the property ready, give me a call. I’d be happy to offer suggestions about what to spend your time and resources on.