Rochester Area Home Prices Rise
Rochester, MN (KROC-AM News)- Home listings dropped while the price to buy a home went up over the past year in the Rochester area.
That’s according to the July 2022 Local Market Update from Minnesota Realtors. The report indicates there were 239 new listings in Olmsted County last month, down from 299 in July 2021.
The median home price in Olmsted County rose from $300,000 last year to $317,500 this year. Time spent on the market for Olmsted County homes for sale ticked up slightly from 22 days in 2021 to 24 this year.
New listings in southeast Minnesota fell from 883 in July 2021 to 702 last month. The median home price in the region increased from $263,000 last July to $267,000 in July 2022. The report says homes for sale in the region spent an average of 24 days on the market, up from 22 days last July.
Statewide, closed sales fell 19.2% compared to a year ago, and new listings were also significantly down, declining 14.2% compared to July 2021, although the total number of homes for sale rose 6.4%.
The median price for a home in Minnesota rose by nearly 10% to almost $340,000. New listings statewide increased by nearly 10% this year. Time spent on the market for homes across the state fell by nearly 4%.
Sellers in Olmsted County, southeast Minnesota and statewide are getting what they’re asking for and then some. Sellers throughout the county and region are getting 100% of their listing price, which is a slight decrease from 102% last year. Statewide, sellers statewide got an average of 101% of their listing price last month.