Rochester, MN Housing Market

If you are thinking about buying or selling a house here in Rochester, MN you need to stay up-to-date with the Rochester, MN housing market. We created this page for you so that you can learn about the Rochester market and know what you can expect whether you are looking to buy or sell a home. However, we are always here to answer any questions you may have.

SALE PRICE | ROCHESTER, MN HOUSING MARKET

The sale price over time is a great indicator of appreciation in a real estate market. Over the last several years here in Rochester, real estate housing prices have increased year over year. Home prices in 2021 appreciated around 12% compared to home prices in 2020.

DAYS ON THE MARKET | ROCHESTER, MN HOUSING MARKET

This metric tells you how quickly homes are selling and therefore a strong indicator for home buyer demand. Most homes that are in great shape and are well priced, are selling within the first week here in Rochester, MN.

NEW LISTINGS | ROCHESTER, MN HOUSING MARKET

This metric is important because it shows you how many new homes are available in the market. In the last several years, the supply of homes have been very low. Therefore by monitoring this number every month you can also measure the supply of homes in Rochester, MN.

PRICE PER SQUARE FOOT | ROCHESTER, MN HOUSING MARKET

This metric is a very helpful one because it helps you quickly price out a home base on the price per square foot. For example, if you are looking at a 2,000 square foot home and the median price per square foot for that type of property is $160, then you can estimate the price of the house to be $320,000. Factors that affect the price per square foot are age of the home, condition, updates, location etc.

HOMES FOR SALE | ROCHESTER, MN HOUSING MARKET

This metric tells you how many homes for sale are currently available in the market. In a market where there aren't many homes for sale, it's an indication that it's a seller's market. In the last several years, it has been challenging to have enough supply of homes for the high demand we have seen from home buyers.

CURRENT MORTGAGE RATES | Rochester, MN Housing Market Research

Below are the current interest rates you can expect to find as a prime borrower. If you would like a lender recommendation, please message us and we would gladly refer you to a local Rochester, MN lender.

 FAQs

  • Rochester, MN is generally considered to be a safe place to live. The city has a low crime rate, and the police department works hard to keep the community safe. Additionally, the city has a variety of programs in place to ensure that individuals feel safe and secure in their neighborhoods. For example, the city has Neighborhood Watch programs, and the police department regularly holds community meetings to discuss safety and security. So overall, yes, Rochester, MN is a safe place to live.

  • The cost of living in Rochester, MN is very reasonable. According to a recent cost of living index report, Rochester has a score of 92.5, which is 7.5% lower than the national average. The housing market in Rochester is fairly affordable, with the median home cost being around $290,000. Additionally, the median rent for a one-bedroom apartment is around $800 per month. Overall, the cost of living in Rochester is quite reasonable and offers a great quality of life for those looking to settle down in the area.

  • Absolutely! Rochester, Minnesota is a wonderful place to live. It has a wide variety of activities and attractions, ranging from museums and parks to restaurants and shopping centers. The city is also home to the world-renowned Mayo Clinic, providing excellent healthcare options. The city is safe and has a strong sense of community. It also offers a range of housing options, making it a great place to call home.

  • Here are a few great ideas of things to do in the area:

    1) Take a stroll through the Quarry Hill Nature Center, where you can explore trails and take in the stunning views of the town.

    2) Explore the downtown area and check out the various shops, restaurants, and galleries.

    3) Catch a show at the Rochester Civic Theatre, which puts on a variety of plays and musicals.