Shortage of entry-level homes for sale in Rochester

Outside, and less time with friends./// having trouble finding a home?

You're not alone.

Experts say there's a shortage of single?

"*family homes for sale in olmsted county.

A recent study found production of new for?

"*sale homes is not meeting demand and there is a record low supply in the resale market.

Kimt news three's anthony monzon spoke with a real estate expert in rochester.

He joins us live now with more details.

Xxx yeah katie and george... that same study found the average value of a single?

"*family home in olmsted county has increased by around 80?

"* thousand dollars over the past five years.

And in many ways that jump has to do with a story of supply and demand that's been playing out for decades... but it's also one that's been shaped by the pandemic.

Real estate agent bucky beeman says last march when coronavirus started sweeping through the nation... there was a drop in listings in olmsted county.

He says many sellers have been hesitant about showing their homes to prospective buyers... reducing supply in a market that was already competitive.

Beeman adds the option of building a new entry?

"*level home has also become less accessible... with prices of construction materials and land rising.

However with warm weather and news of more access to vaccines here in minnesota... beeman believes there could soon be an uptick in "there's definitely some signs in the near future with the vaccines that are rolling out, making them open to all, that will allow for more listings, i think, to come on the market.

But there's definitely demand as far as buyers."

And here's an anectdote of how intense that demand is.

Before speaking to me... beeman says he showed a recently listed home for sale that had over 20 showings just today.

Beeman tells me he believes that demand is spilling over into the rental market... where single?

"* family options can gt a number of inquiries quickly.

Live in rochester... anthony monzon... thank you anthony.

Housing experts project olmsted county's population is expected to grow by