Buying a Home in Rochester MN
Buying a home is one of the biggest decisions you’ll make and also one of your biggest investments. The good news is that Rochester MN is a great place to buy a home.
Why Buying a Home in Rochester MN is a Good Idea?
Due to the stability of its largest employer—the Mayo Clinic–Rochester’s economy is strong and stable. This is one of the main reasons that Rochester has been ranked one of the top ten places to live by Livability.com and is consistently recognized by CNN’s Money Magazine as a great place to live.
Since Mayo announced the expansion of its Rochester campus (an estimated $5 billion investment), Rochester is set for another huge growth spurt. New builds are rising and Rochester expects to welcome up to 30,000 new residents—all coming to Rochester to fill the new jobs created by Mayo.
The news from Mayo has only increased the market’s confidence, making buying a home in Rochester MN a great investment.
But if you’re a first time home buyer, or a someone relocating to the area, you likely have a lot more questions than “What is Rochester like?” You may want to know…
What’s the Rochester Housing Market Like?
Is it a good time for buying a home in Rochester MN? This is one of the biggest questions we’re asked, and it’s a good one.
According to the Southeast Minnesota Association of Realtors Market Report:
- Strong gains were seen in 2015 in nearly every indicator in the southeast Minnesota real estate market
- Homes sales in 2015 increased by 7.5%
- Inventory has been dropping consistently over the last three years
- Number of days a house spends on the market has decreased by 10% to 84 days on average
- Median sales price has increased by 7.9% to $156,050 since 2014
- The residential market has increased by 4.3% and is poised for continued growth
But the really great news for Rochester’s home buyers is that the affordability index is low, meaning a home in Rochester is very affordable compared to other markets in the U.S. To be precise, Rochester’s Affordability Index is 245, which means “the median household income is 245% of what is necessary to qualify for the median-priced home under prevailing interest rates.”
Want to know how Rochester’s housing market looks like right now? Check out our Housing Market Trends page.
Have more questions? Contact us today! We’re happy to help regardless of where you’re at in the buying process.