Minneapolis Duplex Sellers: The Market Just Shifted in Your Favor (With One Catch)

To be honest, last week when I found the 7-county metro area had once again become a duplex seller’s market, I was sure when I drilled down into the data I would discover Minneapolis had not.

What a wonderful surprise it was to learn I was wrong! In April, Minneapolis had a 4-month supply of inventory. In other words, at our current rate of sales, if no new listings came on the market from today forward, we’d be sold out by August.

Of course, we always have new inventory. In fact, 85 duplexes, triplexes and fourplexes hit the market in April. The South Uptown neighborhood lead the way with 5, followed by Holland, Como, Whittier and Fulton with 4 each.

A South Uptown 12 bedroom, 6 bathroom, 2022-built triplex topped the new inventory at $1,399,995. A partially rehabbed, Lyndale neighborhood 4-bedroom, 2-bathroom house conversion, torn down to the studs, offered a more accessible opportunity at $185,000.

In all, the month saw 185 active small multifamily listings in the city of Minneapolis.

It’s impossible to label something a seller’s market without sales. April posted 42 in all, with seller’s averaging a final sales price that was 99.6% of their original asking price. The month saw an average sales price of $450,821 and median of $416,000. Monthly prices on a graph tend to look like the results of a heart monitor since one or two properties priced extremely high or low can skew the data.

The month’s average of 66 days on market, and median of 36, was nearly double last April’s 35 and 19. When factoring in any previous days on the market without selling, the average swelled to 96 and a median of 57.

In other words, sellers may be in the driver’s seat for now, but it’s just going to take them longer to get there.