Decembers Twin Cities Duplex Market Depends How You Look At It

Just as longer amounts of time can offer perspective, smaller lengths can provide the first rays of light on any given situation.

In December, the duplex, triplex and fourplex inventory dropped from November’s 5 month supply to three. Technically, that means it’s once again in seller’s market territory.

The slide may be due to a decline of 78 listings in active inventory from November, setting at 262 in December.  Sixty-five new listings contributed to the total. However, this also represented a year-over-year increase of 41 units.

Minneapolis lead the way for new listings, contributing 37 new investment opportunities to the market. St Paul finished second, chipping in 13 more. The market topper was an 8 bedroom, 4 bathroom East Isles duplex that listed at $1,399,000. A Thomas Dale house conversion duplex with 5 bedrooms and  bathrooms offered a buyer value at $194,900.

Two-hundred and fifty-four listings expired from the market during the month; up 29 year-over-year.

December posted 80 small multifamily properties sell in the 7 county metro area.  This was an uptick of 15 transactions from November, but a slight dip from 83 one year ago.

The month’s average sales price of $405,039 was the lowest for December since 2022. The median sales price of $380,000 was as well. Sellers did manage to net 97.6% of their original asking price; exactly the same as 2024.

A Hastings fourplex with incredible totals of 20 bedrooms and 8 bathrooms topped the metro market at $1,050,000. A rehabbed Dayton’s Bluff house conversion with 4 bedrooms and 2 bathrooms closed at $205,000.

As we move deeper into the new year, and the unofficial launch of the spring housing market the week after the Super Bowl, let’s hope a bit more inventory and slightly lower interest rates inspire duplex buyer’s to go shopping.