Eric Brownlow News Today

Local realtor group looks at the current housing market in the Med City.

“Overall square footage, location and the updates in these homes is what’s dictating that they’re selling good or not. Buyers these days want move-in ready,” said Dustin Kanz, RE/MAX Results Realtor.

Dr. Scott Funke of Med City Dental recently paid $785,000 for the Southeast Minnesota Realtors building at 3400 East River Road NE.

With "very, very tight inventory," Rochester has about 30 houses available for sale in the $200,000 to $300,000 range, said Eric Brownlow with the Southeast Minnesota Realtors association.

A report from the National Association of Realtors states that housing sales dipped 5.4% from May to June.

The current real estate market in Rochester and across Southeast Minnesota is seeing record high numbers for median sales prices and the lowest amount of days on the market.

Mirroring most other U.S. markets, a limited number of houses with a growing number of buyers has heated up real estate in southeastern Minnesota. In 2021, 6,549 homes sold in the Southeast Minnesota Realtors’s seven-county region, which was down 38 from the 6,587 closings in 2020. However, the Rochester market tallied 2,394 house sales, which was up from 2,377 closings in 2020.