Minneapolis Duplex Market Hits 9-Month Supply: What the Buyer’s Market Means for You

If you’re sensing something’s changed in the Minneapolis duplex, triplex, and fourplex market, you’d be right.

Months’ supply of Inventory is the key metric used to determine whether a real estate market favors buyers or sellers. That figure is calculated by taking the number of active listings on the market in a month and dividing it by the number of properties sold. The answer to that equation gives you the number of months it would take to completely sell out of small multifamily properties available for purchase.

A seller’s market is when there is less than a 4-month supply, sometimes a 5-month supply, depending on the circumstances. A balanced market, where buyers and sellers are on equal footing, usually occurs at the 5-6 month market, and a buyer’s market exists with numbers higher than 6.

In September, Minneapolis posted a 9-month supply of inventory for the second time this year. In fact, in 6 of the 9 months this year, Minneapolis topped a 6-month supply.

Of course, as things shift toward buyers, sellers who sold are realizing a final sales price that no longer meets or exceeds 100% of the property’s original asking price. Last month’s sellers posted final sales numbers that were 97.4% of their original asking price. This was a drop from not only August, but also September 2025, when sellers received 99.1% of their original asking price. The last time Minneapolis sellers averaged 100% or more of their original list price was May 2025.

Minneapolis posted just 27 sales in September; the fewest since March. This was down by almost half from the 50 posted one year ago. On average, sellers posted an average sales price of $411,783, and a median of $386,000. They spent 41 days on the market before a sale, with a median of 33.  When considering any previously accrued market time, those numbers swelled to 60 on average, with a median of 39.

The Holland, Logan Park, Sheridan, Harrison, Longfellow and Marcy Holmes neighborhoods finished in a tie with 2 sales each. An East Isles triplex with 8 bedrooms and 4 bathrooms topped the market when it sold on a contract for deed for $740,000. A 3-bedroom, 2-bathroom Logan Park fixer was the value-add opportunity at $220,000.

September saw 85 new listings hit the market, up 3 from August. This was somewhat offset by the 247 active listings, which were 4 fewer than the month before. The Lyndale neighborhood lead the way with 7 new listings, followed by  Nicollet Island, a neighborhood that’s rarely part of the conversation, with 6. A 9-bedroom, 4-bathroom fourplex in the Linden Hills neighborhood topped new offerings at $1,150,000. A converted corner store in the city’s Jordan neighborhood with 3 bedrooms and 2 bathrooms likely brought a flood of buyers running to take a look, having been listed for $150,000.

As the market shifted, I began to watch a number that hasn’t been part of a meaningful real estate conversation for some time: expired listings. These are properties that were listed but did not sell before the end of their contract with their Realtor. Last month 80 Minneapolis duplex, triplex and fourplex properties left the market without selling. This was the most since December, and the most for any month not named December since November 2022.

If you’re a prospective Minneapolis duplex seller, none of this is a cause for despair. There are many buyers looking. Their objection isn’t to price so much as it is to higher monthly payments as a result of higher interest rates. Keeping your rent at or near market rate helps justify the price in any market. So do creative strategies like helping a buyer down their mortgage interest rate by contributing to closing costs and contracts for deed.

We may just need to think more creatively in the weeks and months ahead. No problem. We’ve been here before.