Median Sales Price of Rochester Homes Tops $200K

Rochester, MN (KROC-AM News) - A tight supply of homes for sale has pushed the median sales price for an existing home in Rochester above $200,000.

The latest monthly report from the Southeastern Minnesota Association of Realtors shows there were only 314 homes for sale in Rochester last month, which was down 17.4-percent when compared to March of last year. So far this year, the number of closings on sales of existing homes is up 17.3-percent when compared to the first three months of last year and the median sales price of homes sold in the city this year has risen 17.2-percent to $205,000.

Across the region, there were 422 closings last month and 990 since the start of the year. The monthly total and year-to-date tallies are both up over 5-percent from last year. The association’s report indicates the number of homes for sale in southeastern Minnesota in March totaled just over 1,100, which down almost 28-percent from a year ago, while the median sales price climbed 10.6-percent to just under $166,000.