Is Rochester, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$500,000
$225/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Rochester was $500,000 in June 2024, up 2.4% from last year, and the median price per square foot was $225.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $110K | $130K | +18.2% |
2 Bedrooms | $255K | $275K | +7.8% |
3 Bedrooms | $472.5K | $500K | +5.8% |
4 Bedrooms | $602.5K | $657.2K | +9.1% |
5+ Bedrooms | $812.5K | $1.0M | +23.7% |
Summary: Rochester housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.2%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 23.7%.
Median Sold Price Compared To Nearby Cities
Shelby Charter Township | $330.1K | $347.5K | +5.3% |
Rochester Hills | $399.7K | $419.9K | +5.0% |
Rochester | $488.1K | $500K | +2.4% |
Housing Supply in Rochester, MI
How many homes are available in Rochester, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
88 | 104 | +18.2% |
Summary: The Rochester real estate market had 104 homes for sale in June 2024, a 18.2% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 16 | 16 | 0.0% |
3 Bedrooms | 22 | 24 | +9.1% |
4 Bedrooms | 36 | 47 | +30.6% |
5+ Bedrooms | 13 | 16 | +23.1% |
Summary: The Rochester housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 30.6%, and 5+ bedroom homes increased by 23.1%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
31 | 22 | -29.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Summary: A total of 22 homes were sold or pending in Rochester in June 2024, down by 29.0% month-over-month. Of the 22 sold homes, 23% were sold under asking, 18% were sold at asking, and 59% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
27 Days | 20 Days | -25.7% |
Summary: Homes in Rochester had an average of 20 days on market in Jun 2024, down by 25.7% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During June 2024, 22 homes were sold in Rochester; 86% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.