Rochester, MI 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, MI Housing Market Trends

With a population of 13,296, 5,564 total housing units (homes and apartments), and a median house value of $458,095, Rochester house prices are not only among the most expensive in Michigan, Rochester real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Rochester, accounting for 53.44% of the city's housing units. Other types of housing that are prevalent in Rochester include large apartment complexes or high rise apartments ( 29.87%), row houses and other attached homes ( 10.77%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.84%).

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 65.15% of Rochester's homes, and 49.78% 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 1940-1969 ( 23.15%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.50%). There's also some housing in Rochester built before 1939 ( 11.36%).

Rochester Home Appreciation Rates

In the last 10 years, Rochester has experienced some of the highest home appreciation rates of any community in the nation. Rochester real estate appreciated 87.97% over the last ten years, which is an average annual home appreciation rate of 6.51%, putting Rochester in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Rochester definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 7.45%, 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 2.90%, which equates to an annual appreciation rate of 12.12%.

Relative to Michigan, our data show that Rochester's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

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:
$458,095

Rochester, MI HOME PRICES

> $1,228,000
0.7%
0.7%
$921,001 - $1,228,000
3.1%
3.1%
$614,001 - $921,000
15.4%
15.4%
$491,001 - $614,000
23.4%
23.4%
$369,001 - $491,000
21.5%
21.5%
$246,001 - $369,000
19.3%
19.3%
$123,001 - $246,000
12.1%
12.1%
$61,001 - $123,000
3.3%
3.3%
$0 - $61,000
1.2%
1.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
5,564

Rochester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
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
42.61% 1.66%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,853 / per month

Homeownership Rate

Owners
65.2%
65.2%
Renters
34.8%
34.8%
Vacant
8.5%
8.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
15.5%
15.5%
1970 - 1999
50.0%
50.0%
1940 - 1969
23.1%
23.1%
1939 or Older
11.4%
11.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
53.4%
53.4%
Townhomes
10.8%
10.8%
Small Apt. Buildings
5.8%
5.8%
Apt. Complexes
29.9%
29.9%
Mobile Homes
0.0%
0.0%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
11.5%
11.5%
2 Bedrooms
30.8%
30.8%
3 Bedrooms
23.5%
23.5%
4 Bedrooms
26.3%
26.3%
5 or more bedrooms
5.1%
5.1%
0.0% 100.0%
% OF HOMES