Twin Cities Median Duplex Price Hits 10-Year High as Inventory Levels Off
With just a few wildly changing numbers in October, we can hope that perhaps the Twin Cities duplex, triplex and fourplex market has reached something of a plateau.
The month saw 153 new listings, down 14.5% from September but up 11.7% year over year.
In all, buyers had 478 active listings to choose from in October. This too represented a decline from September, dropping 2.8%. However, this measure was up 99 listings from October 2025, 191 from October 2021, and 189 from October 2016.
Yet again, Minneapolis led the way with 51 new listings. St. Paul finished second with 36. The value-add opportunity of the month was in St. Paul’s West 7th neighborhood, where a 4-bedroom, 2-bathroom house conversion needing a cleanout and some updates was listed for $150,000. An updated Summit Hill St Paul triplex with 8 bedrooms and 4 bathrooms topped the new opportunities, hitting the market at $1,249,000.
October also saw a slight uptick in small multifamily property sales, with 78 changing hands. This was up 5 from September. However, it also represents a 14.3% decline from last year and a 35.5% decline from 2021.
Sellers obtained a final sales price that averaged 96.7% of their original list price. The month’s median sales price of $399,950 was the highest of any October in the last 10 years. The average sales price of $429,426 was up from September, but trailed last October’s by $4042. Listings spent an average of 58 days and a median of 42 days on the market before selling. This too was the highest of any October in the last 10 years. Including days spent on the market before canceling and relisting, those counts grew to an average of 74 days and a median of 48.
Solds were topped by a 9-bedroom, 3-bathroom duplex in Minneapolis’ Kenwood neighborhood, which traded at $899,900. The month’s new value-add opportunity in the West 7th neighborhood also closed in October at $151,000.
October saw a slight improvement in the months of inventory, dropping to 6 from September’s 7. In other words, if there were no new listings from today forward, at our current rate of sales it would take 6 months to be sold out. While this is an improvement, it still favors buyers.
Perhaps a bigger tell is the number of properties that expired from the market without selling, which ticked up to 178. This was the largest group of no sales since December. However, it is nowhere near the decade high of 344 set in December 2021.
None of this should be cause for despair. If you’re a long-term duplex, triplex or fourplex owner anywhere in the metro and are wondering if it makes sense to do so now, I’m happy to give you a price opinion and some strategies you can use to maximize value when you do go on the market. And if you’re thinking of house hacking or adding to your investment portfolio, you have more options than in many years. I am happy to help you find and evaluate those too.