What We Learned About The Twin Cities Duplex Market In 2025
In life and real estate, time offers the gift of perspective. Looking at a life event through the lens of a year, or a decade, often helps see something that initially appeared to have been a setback as actually having been a blessing. In real estate, time offers the gift of seeing broader trends and understanding.
For example, in 2025, the Twin Cities real estate market saw some dramatic changes. They didn’t necessarily feel that way in the micro market of a month. Something may have felt different, it was just more difficult to pinpoint what.
The most dramatic change in last year’s market was in active inventory. The year saw a whopping 3801 active listings. That’s good news for duplex buyers, as it is 19.07% higher than any year in over a decade.
The year also saw 1592 new listings in the 7 county metro area. That’s the most since 2022.
On the other end of the real estate pipeline, the year posted 905 sales. That figure represents the fourth consecutive year of declining duplex, triplex and fourplex sales. Compare it with 2021. Fueled by historically low interest rates, it tallied 1476 transactions. More sales also translate to greater volume, with 2021 generating $589,467,043 in multifamily sales. Last year’s $381,398,220 was paltry by comparison.
Ironically, diminished sales volume did not necessarily translate to lower average sales prices. Last year saw duplex, triplex and fourplex sellers earn an average sales price of $421,434. Granted, this was just $216 more than 2024. Still, it was substantially higher than the $399,368 posted in 2021.
More new and active listings combined with fewer sales do usually translate, however, to more time on the market. As expected, 2025’s average of 44 and median of 28 days on the market before a sale were the highest since 2016. This was also true of the average of 67 cumulative days on market and 34 median cumulative days on market.
Given the unusual start to the new year in the state of Minnesota, it’s hard to make predictions for the months to come. The truth of the matter is, however, it’s always hard to make predictions.
The perfect time to buy or sell is when you need to. And sometimes, even when you reluctantly make the decision to make a change, years down the road, odds are, you’ll be happy you did.
Like always.