Is Rochester, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rochester is a seller's market

Buyer's
Market

Difference Since February 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, MI

How much do homes in Rochester, MI cost?

Median Sold Price

$475,333

$217/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$10,333(+2.2%)

Key Takeaway

Homes in Rochester have sold for 2.2% more than they did a year ago.

Summary: The median home sold price in Rochester was $475,333 in February 2024, up 2.2% from last year, and the median price per square foot was $217.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $112K$119K
+6.3%
2 $240K$265K
+10.4%
3 $435K$470K
+8.0%
4 $612K$649.9K
+6.2%
5+ $667.1K$899K
+34.8%

Summary: Rochester housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.3%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes increased by 34.8%.

Median Sold Price Compared To Nearby Cities

Rochester Hills
+3.5%
Shelby Charter Township
+3.4%
Rochester
+2.2%

Housing Supply in Rochester, MI

How many homes are available in Rochester, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
6585+30.8%

Summary: The Rochester real estate market had 85 homes for sale in February 2024, a 30.8% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 02
+100.0%
2 1317
+30.8%
3 2227
+22.7%
4 2328
+21.7%
5+ 711
+57.1%

Summary: The Rochester housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 30.8%, 3 bedroom homes increased by 22.7%, 4 bedroom homes increased by 21.7%, and 5+ bedroom homes increased by 57.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1215+25.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rochester, you may be able to get a good deal. 46.7% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Rochester in February 2024, up by 25.0% month-over-month. Of the 15 sold homes, 47% were sold under asking, 20% were sold at asking, and 33% were sold over asking.

Days on Market for Rochester, MI

How long does it take to sell a home in Rochester, MI?

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Rochester are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 15 homes were sold in Rochester; 60% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Rochester, MI

Nearby Markets to Rochester, MI

What housing markets are near Rochester, MI?