Monday Morning Market Update for Rochester, MN

Good morning!

There are currently 859 residential properties for sale in Rochester, Minnesota with an average list price of $231,829 (median $178,000) and average market time of 179 days.  Last week (December 7-13) according to the Multiple Listing Service (MLS) there were 883 homes for sale with an average asking price of $230,901 (median $176,900) and an average of 176 days on the market.

Three homes sold (closed) last week, down 82% from the same time period last year.  The average sold price of $136,300 (median $164,000) was 96% of the list price, 94% of the original asking price.  These homes averaged 65 days on the market.

There were 28 new listings last week, a 12% drop from last year.  Average asking price was $186,366 (median $164,900).  There were 11 listings that came back on the market; average list price $244,963 (median $169,900), average market time 203 days).  One listing was withdrawn, 10 cancelled, 12 expired, and 15 were extended.

Last week there were 9 listings that went under contract (to pending), down 36% from last year.  Average list price was $143,200 (median $122,400); average market time was 139 days.

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