Is Rochester, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$315,213
$167/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Rochester have sold for 1.2% more than they did a year ago.
Summary: The median home sold price in Rochester was $315,213 in April 2024, up 1.2% from last year, and the median price per square foot was $167.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $120K | $132K | +10.0% |
| 2 Bedrooms | $225K | $227.8K | +1.3% |
| 3 Bedrooms | $270K | $275.3K | +2.0% |
| 4 Bedrooms | $360.6K | $366.6K | +1.7% |
| 5+ Bedrooms | $529.5K | $579.1K | +9.4% |
Summary: Rochester housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 1.3%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes increased by 9.4%.
Median Sold Price Compared To Nearby Cities
| Haverhill Township | $758.5K | $814.9K | +7.4% |
| Rochester Township | $310K | $315.2K | +1.7% |
| Rochester | $311.5K | $315.2K | +1.2% |
| Marion Township | $453K | $425K | -6.2% |
Housing Supply in Rochester, MN
How many homes are available in Rochester, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 546 | 669 | +22.5% |
Summary: The Rochester real estate market had 669 homes for sale in April 2024, a 22.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 7 | -12.5% |
| 2 Bedrooms | 84 | 110 | +31.0% |
| 3 Bedrooms | 134 | 172 | +28.4% |
| 4 Bedrooms | 234 | 267 | +14.1% |
| 5+ Bedrooms | 86 | 113 | +31.4% |
Summary: The Rochester housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes increased by 31%, 3 bedroom homes increased by 28.4%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 31.4%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 125 | 147 | +17.6% |
Asking Price vs. Sold Price
49 Homes Were Sold
Under Asking
43 Homes Were Sold
At Asking
55 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rochester, you could pay more than the asking price. 37.4% of homes here sold above asking price last month.
Summary: A total of 147 homes were sold or pending in Rochester in April 2024, up by 17.6% month-over-month. Of the 147 sold homes, 33% were sold under asking, 29% were sold at asking, and 37% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 39 Days | 30 Days | -21.8% |
Summary: Homes in Rochester had an average of 30 days on market in Apr 2024, down by 21.8% compared to last year.
Breakdown of Home Sale Times
108 Homes Were Sold
Under 30 Days
26 Homes Were Sold
In 30 - 90 Days
13 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 April 2024, 147 homes were sold in Rochester; 73% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
