Southeast Minnesota real estate market shows promise
(FOX 47) -
The Southeast Minnesota Association of Realtors released their year end real estate statistics Thursday morning, showing both positive trends and specific challenges.
More than 6,000 homes were sold in 2017 from the 11 counties that makeup Southeast Minnesota. That mark is slightly lower than 2016's number, but still shows healthy demand.
The challenge for realtors, however, has been the need for inventory. Inventory levels dropped over 14% in 2017, a record low for Southeast Minnesota.
President of Southeast Minnesota Realtors, Jay Jewson, says because demand for a home has been so high there is a lot of promise for 2018's inventory levels.
"The building has increased and I think we're going to see a lot more new homes moving forward this year and that'll take some pressure off of the inventory as people will be able to move up and find new homes therefore bringing up some inventory." Said Jewson.
The latest data also shows the median sale price for homes in Southeast Minnesota rose 7% now sitting at over $176,000.
Jewson says the bottom line is that the market is still strong, rates are going to go up and now is a great time for people to buy a home they're interested in.
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