$3,086 Closing Credit*
$259,900
1,394 SqFt
2 Beds
•1 Full Bath
Listing Office: HOMESTEAD ROAD
Is Rochester, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$325,000
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$15,038(+4.9%)
Key Takeaway
Homes in Rochester have sold for 4.9% more than they did a year ago.
Summary: The median home sold price in Rochester was $325,000 in October 2024, up 4.9% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $125K | -3.8% |
| 2 Bedrooms | $225K | $242K | +7.6% |
| 3 Bedrooms | $273.4K | $282.3K | +3.3% |
| 4 Bedrooms | $360.2K | $375K | +4.1% |
| 5+ Bedrooms | $550K | $555K | +0.9% |
Summary: Rochester housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 0.9%.
Median Sold Price Compared To Nearby Cities
| Rochester | $309.9K | $325K | +4.9% |
| Rochester Township | $310.4K | $324.9K | +4.7% |
| Marion Township | $425.7K | $430K | +1.0% |
Housing Supply in Rochester, MN
How many homes are available in Rochester, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 623 | 624 | 0.2% |
Summary: The Rochester real estate market had 624 homes for sale in October 2024, a 0.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 8 | +60.0% |
| 2 Bedrooms | 97 | 102 | +5.2% |
| 3 Bedrooms | 186 | 187 | 0.5% |
| 4 Bedrooms | 226 | 216 | -4.4% |
| 5+ Bedrooms | 109 | 111 | +1.8% |
Summary: The Rochester housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 60%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 0.5%, 4 bedroom homes decreased by 4.4%, and 5+ bedroom homes increased by 1.8%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 146 | 146 | 0.0% |
Asking Price vs. Sold Price
68 Homes Were Sold
Under Asking
35 Homes Were Sold
At Asking
43 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rochester, you may be able to get a good deal. 46.6% of homes here sold below asking price last month.
Summary: A total of 146 homes were sold or pending in Rochester in October 2024, the same as the previous month. Of the 146 sold homes, 47% were sold under asking, 24% were sold at asking, and 29% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 33 Days | 39 Days | +17.4% |
Summary: Homes in Rochester had an average of 39 days on market in Oct 2024, up by 17.4% compared to last year.
Breakdown of Home Sale Times
86 Homes Were Sold
Under 30 Days
45 Homes Were Sold
In 30 - 90 Days
15 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 October 2024, 146 homes were sold in Rochester; 59% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
