Minneapolis Duplex Sales Lead Slower 2025
As the Minneapolis duplex market goes, so too does the market for the seven-county metro area. That’s true for one reason. Minneapolis simply has more duplexes, triplexes and fourplexes than any other city or suburb in the metro.
Like the broader region, Minneapolis saw some signs the small multifamily market may be slowing. For example, at year’s end, the average sales price for a property stood at $439,011. This represents a decline of $870 from 2024. The decline in median closed sales price was larger still, dropping $7500 year-over-year.
The 452 sales for the year trailed 2024’s total of 453. However, both were substantially below the decade’s 2021 peak of 717, and 2009’s record-breaking 858. The vast majority of the city’s sales transactions were generated in the Whittier neighborhood with . Sheridan finished in second place with 17, and South Uptown a close third with 16. Total sales volume for the year finished at $198,433,044; down slightly from 2024’s $199,66,199. Both trailed 2021’s boom year of $309,494,264 in volume, powered by low interest rates.
The top seller for the year was a Kenwood neighborhood triplex with a grand total of 7 bedrooms and 3 bathrooms, which traded hands at $1,147,000. A burned-out house conversion with a total of 2 bedrooms and 2 bathrooms in the Folwell neighborhood offered an opportunity to either start over or earn equity through a lot of sweat at $65,000.
Buyers had more properties to choose from last year at 2005 active listings than any other year in over a decade. It would make sense if the number showed equal growth and yet, that wasn’t the case. Minneapolis saw 820 new listings for the year. While this was up from 689 year-over-year, it nonetheless trailed the 855 new listings in 2022 and 941 in 2021.
If the amount of active inventory grows while there isn’t an equally robust increase of new inventory, it suggests properties may spend more time on the market before selling. This is exactly what happened, as listings spent an average of 42 days and median of 26 days. Both were a slight increase over the 39 day average and 20 day median of 2024. Both totals swell when including previous time on the market without a sale. The average cumulative days on market in 2025 of 70 and median cumulative days on market of 39.
More inventory and fewer or flat sales suggest more expired listings. This was in fact the case, as the 731 expired listings represented a 6.6% year-over-year increase.
If you’ve been thinking about house hacking or investing in a Minneapolis duplex, triplex or fourplex, now’s your chance to take advantage of the opportunity before the rest of the crowd catches on!