Where the housing market is for spring | News [Video]

ROCHESTER, Minn.-The housing market in the Med City is not where it should be, according to the Southeast Minnesota Association of Realtors.

Minnesota Realtors show new listings in the housing market for 2023 of 85,070 listings as opposed to 2022 having 95,446 listings. While new listings are declining, Southeast Minnesota Realtors shows the median sales price is on the rise in the Med City.

As we head into spring, inventory for the housing market is still pretty low. According to SE MN Association of Realtors association executive Eric Brownlow the number of home on the market in Rochester is below 200 when it should ideally be up around 600 with the population growth in the area.

Brownlow says, “As of right now we’re still experiencing a low level of inventory. We’re alreadyy starting to hear that there’s a lot of multiple offers when new homes do hit the market so …