May 26—ROCHESTER — The numbers are in for real estate market data for Rochester, Olmsted County, and the Southeast Minnesota region for the first four months of 2022. The trends show that new listings continue to move fast compared to the similar time frame in 2021.

Data compiled by Jim Miner of Plaza Realty of Rochester and the Minnesota Realtors trade association show that the housing market through the wider region continue to see quick turnover for days on the market.

The data reported for the city of Rochester was compiled by Miner and the data for Olmsted County and Southeast Minnesota Region compiled by Minnesota Realtors.

Miner said most houses being listed on the market right now are barely making it to the month mark.

"There's very little supply and a lot of demand. There's just very few houses on the market, compared to the number of people that want to buy a house," Miner said. "So the days on the market are very limited this year, compared to last year and other previous years."

Eric Brownlow, chief executive officer for Southeast Minnesota Realtors added, "The typical home seller upon putting their home on the market are seeing double-digit showings in the first few days on market and are also seeing multiple offers within the first week of market time. Simply put, there are more buyers than sellers."

As of April 2022, homes listed are only lasting 32 days on the real estate market in Rochester. That's comparable to the 31 days on the market in 2021.

Across Olmsted County, houses are only averaging 29 days on the market compared to 28 days in 2021. And across the Southeast region of Minnesota, houses are also lasting 32 days on the market compared to 36 days in April 2021.

Median sale prices on houses are at an all-time high for Rochester, Olmsted County and the Southeast region. with the median price in Rochester jumping from $270,000 in April 2021 to $322,500 in April 2022. Olmsted County has seen a greater increase in median sales prices rising from $271,761 in April 2021 to $330,000 in April 2022, a 21.4% increase. Across the Southeast Minnesota region, median sales prices are up 16.6% from April 2021 going from $235,000 to $273,950.

Brownlow said the median sales prices have jumped so drastically over a year's time due to a combination of value and fear.

"Buyers see opportunity in the market at current value levels due to increasing prices and fear that although interest rates are rising, most feel interest rates have not yet stabilized and that they may lose buying power if interest rates continue to rise," he said.