Is Rochester, MI 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.
Housing Prices in Rochester, MI
How much do homes in Rochester, MI cost?
Median Sold Price
$492,542
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Rochester was $492,542 in April 2024, up 5.4% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $111K | $120.5K | +8.6% |
2 Bedrooms | $245K | $275K | +12.2% |
3 Bedrooms | $437.5K | $474.5K | +8.5% |
4 Bedrooms | $607.5K | $647K | +6.5% |
5+ Bedrooms | $745K | $1.4M | +99.8% |
Summary: Rochester housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.6%, 2 bedroom homes increased by 12.2%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 99.8%.
Median Sold Price Compared To Nearby Cities
Rochester | $467.5K | $492.5K | +5.4% |
Rochester Hills | $396.1K | $410.6K | +3.7% |
Shelby Charter Township | $334.5K | $339.9K | +1.6% |
Housing Supply in Rochester, MI
How many homes are available in Rochester, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
87 | 93 | +6.9% |
Summary: The Rochester real estate market had 93 homes for sale in April 2024, a 6.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 3 | 0.0% |
2 Bedrooms | 23 | 26 | +13.0% |
3 Bedrooms | 22 | 20 | -9.1% |
4 Bedrooms | 29 | 29 | 0.0% |
5+ Bedrooms | 10 | 15 | +50.0% |
Summary: The Rochester housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 13%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
31 | 26 | -16.1% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 26 homes were sold or pending in Rochester in April 2024, down by 16.1% month-over-month. Of the 26 sold homes, 46% were sold under asking, 19% were sold at asking, and 35% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
126 Days | 25 Days | -79.7% |
Summary: Homes in Rochester had an average of 25 days on market in Apr 2024, down by 79.7% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 26 homes were sold in Rochester; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.