December Minneapolis Duplex Market Sends Mixed Message

To be honest, December’s Minneapolis duplex, triplex and fourplex market was a bit of a mixed bag.

On the one hand, 38 properties were sold. This was exactly the number of new listings for the month, so in effect, one wiped out the other.

On the other hand, there were still 139 active listings for the month; up 14.9% year-over-year. More active listings usually translates to more expireds at the end of December. This proved true, with 127 listings leaving the market without selling. This was a year-over-year increase of 7.6%.

The Powderhorn Park and Whittier neighborhoods were the biggest contributors to new inventory, chipping in 3 each. A down-to-the studs house conversion in the Corcoran neighborhood offered an equity opportunity to cash buyers at $230,000. A true duplex in the East Isles neighborhood with 8 bedrooms and 4 bathrooms topped the new inventory for would-be owner occupants at $1,399,000.

Of the 38 sold multifamily properties, Hawthorne lead the way with 4 new listings and the Holland neighborhood came in second with 3. A 4 bedroom,  2 bathroom up/down duplex in Hawthorne was offered a solid return or an investor or house hacker at $215,000. A Lowry Hill duplex with 6 bedrooms and 6 bathrooms topped the month, selling for $1,025,000.

The month’s sellers closed sales price averaged 98.2% of the property’s original list price. These listings spent an average of 42 days on the market before changing hands, and a median of 30 days. Cumulative days on the market, which include times a property was listed, cancelled, then relisted before selling grew to an average of 62 days ad a median of 53.

Sellers obtained an average sales price of $415,976 and median of $383,750. Both are well below December 2024’s $438,934 average and median of $405,000.

The December Minneapolis duplex market posted a 4 month supply of inventory, which was good news for sellers. November tallied a 6-month-supply, a number firmly entrenched in buyer’s market territory. Anything number less than a 4 or 5 month supply is considered a seller’s market.

December and January are usually the slowest months for duplex transactions. This is mostly due to a lack of inventory, as many sellers wait until February to list their properties.