(ABC 6 News) – The numbers are published in the annual Southeast Minnesota Relators and Housing Market Report.
While 2023 remained an incredible year for housing affordability and availability, real estate agents have a more optimistic outlook for the future in 2024.
2023 was a tough year for the housing market, especially for first-time home buyers, who battled low housing supply and high interest rates.
New listings in southeastern Minnesota decreased by nearly 10% in 2023, with the median home price over $300,000.
This has made the market particularly difficult for first-time buyers who fear they won't be able to find a home within their budget.
“We advocate for homeownership, not just because it’s our job, but because we know it and believe in it,” says SEMAR. President Joe Skin said. “And if you look at the statistics, you'll see that wealth has been built across generations through homeownership. So it's important that we educate and educate our younger generations about why it's important to them too.” I think.”
However, SEMAR members are hopeful that 2024 will be better, especially as interest rates are gradually lowered by the Federal Reserve.
“In recent years, we have seen land outside Rochester being sold and developed. So Rochester will only grow in size further with a massive economic bubble, and with the Mayo Clinic I believe this is an encouraging situation that we are seeing within the industry,” said Chairman-elect Carl Rogers. Semar.
With Mayo Clinic's pledge to invest $5 billion in Rochester over the next six years, these real estate agents are hoping people will look to buy homes in Rochester and surrounding towns.
