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September 26, 2006

S.E. Minn. real estate market

A while back I posted that there was a lot of commercial real estate for sale in Rochester. Now I'm interested in residential.

Lots of reports have been coming out lately about residential real estate market including tone from the National Association of Realtors that says home prices fell in August compared with a year earlier, the first such decline in more than a decade. The average home cost went from $230,000 to $225,000.

I was wondering if anyone out there has a feel for how the southeastern Minnesota housing market is? I'm interested in any comments or feedback on residential real estate in the area. I'd love to hear from Realtors, brokers, bankers and average joes who are buying or selling a home.

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I think it's difficult to compare the Rochester residential housing market to the national market...and certainly to the inflated prices in large urban areas. But...I do see more houses sitting on the market for long periods of time. There are 3 specifically in my neighborhood that have been on for 1+ years I think.


Rochester is as oversaturated as a housing market gets. Great for buyers, especially out of town buyers - lousy for sellers.

Townhomes are going for $.65 on the dollar.

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