Is Rochester, MI 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.
Housing Prices in Rochester, MI
How much do homes in Rochester, MI cost?
Median Sold Price
$492,542
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Rochester was $492,542 in May 2024, down 1.1% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $107.5K | $125.5K | +16.7% |
2 Bedrooms | $252.2K | $275K | +9.0% |
3 Bedrooms | $475.9K | $477.5K | 0.3% |
4 Bedrooms | $625K | $650K | +4.0% |
5+ Bedrooms | $770K | $1.4M | +84.3% |
Summary: Rochester housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 9%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 84.3%.
Median Sold Price Compared To Nearby Cities
Shelby Charter Township | $330.2K | $340.6K | +3.2% |
Rochester Hills | $403.1K | $408.9K | +1.4% |
Rochester | $498K | $492.5K | -1.1% |
Housing Supply in Rochester, MI
How many homes are available in Rochester, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
92 | 105 | +14.1% |
Summary: The Rochester real estate market had 105 homes for sale in May 2024, a 14.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 1 | -66.7% |
2 Bedrooms | 26 | 22 | -15.4% |
3 Bedrooms | 20 | 24 | +20.0% |
4 Bedrooms | 29 | 43 | +48.3% |
5+ Bedrooms | 14 | 15 | +7.1% |
Summary: The Rochester housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes decreased by 15.4%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 48.3%, and 5+ bedroom homes increased by 7.1%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
27 | 27 | 0.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 27 homes were sold or pending in Rochester in May 2024, the same as the previous month. Of the 27 sold homes, 33% were sold under asking, 11% were sold at asking, and 56% were sold over asking.
Days on Market for Rochester, MI
How long does it take to sell a home in Rochester, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
18 Days | 43 Days | +133.5% |
Summary: Homes in Rochester had an average of 43 days on market in May 2024, up by 133.5% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During May 2024, 27 homes were sold in Rochester; 78% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.