Yes, It’s a Softer Market — But Minneapolis Duplex Sellers Are Still Closing at 98.8% of List Price

In any given month or week, the city of Minneapolis contributes just over 50% and St Paul just over 25% to any measures of what’s happening in the Twin Cities duplex, triplex, and fourplex market.

That’s due, in part, to those two cities being the largest in the metro area, as well as having the greatest concentrations of small multifamily properties.

It makes sense, then, that what happens in Minneapolis would have a disproportionate impact on the 7-county area multifamily market. In fact, last month, 107 of the area’s 202 new listings came from the city. That’s 52.9%. This number was also an increase of 25.9% over both April, and May of 2025. This was the most new listings in a month since September, 2021.

Ten of these listings came from the city’s Whittier neighborhood. Lowry Hill East contributed the second most with 7. An updated Linden Hills triplex with 5 bedrooms and 4 bathrooms topped the new offerings at $1,895,000. A 3-bedroom, 2-bathroom house conversion in the city’s McKinley neighborhood offered a starter opportunity at $140,900.

Thirty-nine small multifamily owners successfully sold in May. A 2019-built Longfellow neighborhood fourplex with 8 bedrooms and 8 bathrooms topped the market at $1,100,000. A Prospect Park/East River Road 4 bedroom, 2 bathroom house conversion offered a buyer a U of M housing opportunity at $282,000. The Seward and Lyndale neighborhoods lead the rest with three sales each.

Seller’s netted an average sales price of $489,886 and median of $453,000.  On average, these figures were at 98.8% of the properties orignal list prices. This average sales price represented an 83.9% increase over May of 2016’s $266,415, and a 76.9% increase over that May’s median of $256,000.

If no new listings came on the market from today forward, at our current sales rate we would be out of inventory in 6 months. Depending on who you ask, that’s either a balanced or a buyer’s market.

That doesn’t mean properties are selling for 50 cents on the dollar. Rather, it means buyers once again are making their purchases contingent on inspections, and perhaps even asking sellers to help them finance some of their closing costs by including them in the price. Honestly? That seems more normal than not.