Rochester, MN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Rochester, MN Housing Market Trends

With 118,935 people, 47,097 houses or apartments, and a median cost of homes of $250,110, Rochester real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Rochester, accounting for 60.59% of the city's housing units. Other types of housing that are prevalent in Rochester include large apartment complexes or high rise apartments ( 21.35%), row houses and other attached homes ( 8.65%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.51%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Rochester. Owner-occupied housing accounts for 66.39% of Rochester's homes, and 51.84% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Rochester built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Rochester built between 2000 and later ( 27.24%). A lesser amount of the housing stock also hails from between 1940-1969 ( 23.01%). There's also some housing in Rochester built before 1939 ( 7.88%).

Rochester Home Appreciation Rates

Appreciation rates for homes in Rochester have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 53.92%, which ranks in the top 40% nationwide. This equates to an annual average Rochester house appreciation rate of 4.41%.

Over the last year, Rochester appreciation rates have trailed the rest of the nation. In the last twelve months, Rochester's appreciation rate has been 8.18%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Rochester were at 2.08%, which equates to an annual appreciation rate of 8.57%.

Relative to Minnesota, our data show that Rochester's latest annual appreciation rate is higher than 50% of the other cities and towns in Minnesota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Rochester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rochester - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Rochester real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$250,110

Rochester, MN HOME PRICES

> $1,230,000
0.6%
0.6%
$923,001 - $1,230,000
1.0%
1.0%
$615,001 - $923,000
3.0%
3.0%
$492,001 - $615,000
5.3%
5.3%
$369,001 - $492,000
10.6%
10.6%
$246,001 - $369,000
25.9%
25.9%
$123,001 - $246,000
45.1%
45.1%
$62,001 - $123,000
5.3%
5.3%
$0 - $62,000
3.1%
3.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for MN

Value Relative To Nation

Number Of Homes And Apartments:
47,097

Rochester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
66.82% 2.41%
4
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,257 / per month

Homeownership Rate

Owners
66.4%
66.4%
Renters
33.6%
33.6%
Vacant
5.3%
5.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
27.2%
27.2%
1970 - 1999
41.9%
41.9%
1940 - 1969
23.0%
23.0%
1939 or Older
7.9%
7.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.6%
60.6%
Townhomes
8.7%
8.7%
Small Apt. Buildings
7.5%
7.5%
Apt. Complexes
21.3%
21.3%
Mobile Homes
1.9%
1.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.5%
2.5%
1 Bedroom
10.1%
10.1%
2 Bedrooms
27.4%
27.4%
3 Bedrooms
26.9%
26.9%
4 Bedrooms
25.0%
25.0%
5 or more bedrooms
8.1%
8.1%
0.0% 100.0%
% OF HOMES