Home Prices Continue to Climb in SE Minnesota
Sellers continue to hold the upper-hand in the region’s real estate marketplace. The statistics included in the monthly report from the Southeastern Minnesota Realtors Association show the demand for existing homes remained stronger than the supply last month.
Across southeastern Minnesota, the number of closings on sales of existing homes was down almost 3.5-percent from a year ago, while the number of homes for sale was down over 12.5-percent and the median sales price was up about 6-percent from last January at $175,000. Looking forward, pending sales rose 2.2-percent and new listings grew by 8.3-percent.
In Rochester, the report shows there was a more modest drop in the number of closings in January at just under 2-percent, but the median sales price soared to about $223,000. That’s up almost 17.4-percent when compared to January 2017 even the number of existing homes for sale last month was up over 7-percent from a year ago and the number of new listings shot up 22-percent.
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