The Minneapolis Duplex Market Isn’t What You Think: March 2026 Numbers Explained

Given the changes in the Minneapolis duplex, triplex and fourplex market, it would be a mistake to think there is a flood of new listings coming on the market and none of them are selling.

The truth is far more hopeful and subtle. March saw 86 new listings; almost double what they were in March 2020. That sounds like a reason to panic. And yet, that’s the month. That’s when Tom Hanks got Covid.

New listings are still up. Last March, there were 81.  That’s a difference of 5; a difference of just 6%. However, the 27 sold properties last month were down 5 from the 32 last year. That’s an 18.5% difference.

A 4 bedroom, 4 bathroom, up/down side-by-side in the Jordan neighborhood was the month’s cash-flow opportunity at $285,000. Two Windom Park 6 bedroom, 4 bathroom, 2022-built duplexes with all the flair of newer construction listed for $975,000 each to top new inventory. The Lyndale neighborhood offered the most new listings to choose from with 7, followed by the Holland neighborhood with 6.

Combine a few more listings with fewer sales, and inventory starts to grow. There were 178 active listings in March; an increase of 18% over February and also of March 2025.  That’s a 254.3% increase over the Covid month of March 2020. However, it’s also 189.4% higher than the 94 active in March 2016.

The high seller last month was an 8 bedroom, 4 bathroom classic duplex one block from Lake of the Isles in the East Isles neighborhood, closing at $1,399,000. A Hawthorne neighborhood 6 bedroom, 2 bathroom in need of cosmetic updating was the value of the month at $215,000.  The East Isles, Webber-Camden, Central and Whittier neighborhoods lead the way in sales with 2 each.

An average sales price of $511,502 offered a reason to celebrate. It substantially exceeded February’s $438,968 and last March’s $428,919. The median price of $354,900 quickly let the air out of that balloon, however. It was well below February’s $401,250 and last year’s $415,000.

Listings spent a median of 36 days on the market, which rose to 59 cumulative days when factoring in those that were listed multiple times before selling.

Monthly numbers like that, both good and bad, serve as good reminders that one month does not determine a market. That happens over several months. Given that measure, March saw a 7 month supply of inventory. In other words, if no new listings came on the market from today forward, we’d be sold out of small multifamily properties in 7 months. This was the third consecutive, and fourth out of the last five months of more than a 6 month supply.

That means we are in a buyer’s market.

No, that doesn’t mean sellers are getting 50 cents on the dollar. In fact, sold prices were 97.3% of their original list prices.

Listings either need to be best in show, or an incredible value.

The fact is, that’s usually the case. Regardless of market conditions.