Is Rochester, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Rochester has remained a Seller's Market.
Key Takeaway
Rochester is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rochester, MN
How much do homes in Rochester, MN cost?
Median Sold Price
$317,736
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Rochester have sold for 2.5% more than they did a year ago.
Summary: The median home sold price in Rochester was $317,736 in May 2024, up 2.5% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $122K | $112K | -8.2% |
| 2 Bedrooms | $222.8K | $230.8K | +3.6% |
| 3 Bedrooms | $270K | $275.3K | +2.0% |
| 4 Bedrooms | $359.7K | $370.7K | +3.1% |
| 5+ Bedrooms | $527.3K | $597.4K | +13.3% |
Summary: Rochester housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.2%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 13.3%.
Median Sold Price Compared To Nearby Cities
| Rochester Township | $309.4K | $317.7K | +2.7% |
| Rochester | $309.9K | $317.7K | +2.5% |
| Haverhill Township | $805.3K | $769.9K | -4.4% |
| Marion Township | $450K | $425K | -5.6% |
| Cascade Township | $569K | $525K | -7.7% |
Housing Supply in Rochester, MN
How many homes are available in Rochester, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 655 | 708 | +8.1% |
Summary: The Rochester real estate market had 708 homes for sale in May 2024, a 8.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 8 | +14.3% |
| 2 Bedrooms | 106 | 111 | +4.7% |
| 3 Bedrooms | 171 | 203 | +18.7% |
| 4 Bedrooms | 261 | 273 | +4.6% |
| 5+ Bedrooms | 110 | 113 | +2.7% |
Summary: The Rochester housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 18.7%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes increased by 2.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 149 | 174 | +16.8% |
Asking Price vs. Sold Price
43 Homes Were Sold
Under Asking
51 Homes Were Sold
At Asking
80 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rochester, you could pay more than the asking price. 46% of homes here sold above asking price last month.
Summary: A total of 174 homes were sold or pending in Rochester in May 2024, up by 16.8% month-over-month. Of the 174 sold homes, 25% were sold under asking, 29% were sold at asking, and 46% were sold over asking.
Days on Market for Rochester, MN
How long does it take to sell a home in Rochester, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 20 Days | -26.6% |
Summary: Homes in Rochester had an average of 20 days on market in May 2024, down by 26.6% compared to last year.
Breakdown of Home Sale Times
146 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Rochester are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 174 homes were sold in Rochester; 84% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
