Prices Rising With Fewer Homes For Sale in Rochester, Southeast Minnesota
Rochester, MN (KROC AM News) - A monthly report on the real estate market in southeastern Minnesota shows there was a small increase in existing home sales, a nice bump in home prices, and another sharp drop in the number of homes for sale.
The Southeastern Minnesota Association of Realtors says the number of closings last month was up 1.9-percent when compared to September of last year. The median sales price jumped 9-percent to just under $170,000, while the number of homes up for sale dropped below 1700, which is 23-percent lower than it was a year ago.
The report also shows the average number of days of home was listed before selling dropped 12-percent in September to only 69 days.
In Rochester, where there is only a two month supply of homes on the market, the median sales price has risen over 8-percent this year to almost $196,000. In September, there were fewer than 400 homes listed for sale in the city.