SE Minnesota median home sale prices up, inventory down in 2016 - KXLT - Fox 47 Rochester MN News, Weather, Sports #rochmn

SE Minnesota median home sale prices up, inventory down in 2016

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ROCHESTER, Minn. (FOX 47) -

Last year was a good one for the real estate market in southeast Minnesota. 

The Southeast Minnesota Association of Realtors revealed its year-end residential real estate market statistics Thursday morning. 

President Justin Ohnstad said in the 11 county market the association serves, the median home sale price in 2016 was up 6.5 percent at $165,000.

However, Ohnstad said there was a record low inventory last year, similar to 2015. He said new listings were down 4.7 percent.

"It was a strong year. There is still room for growth and low inventory is a huge factor in that. There is the same demand from buyers but they're not getting the property they want when they are competing on several different properties over the course of the year," said Ohnstad. 

Ohnstad said he expects similar real estate trends in 2017.

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