Rochester, MN Housing Market Update: Prices, Inventory, and Mortgage Rates
Rochester, MN – February 28, 2026 – Local housing snapshot: prices up year-over-year, listings available, rents steady, and mortgage rates near 6%.
Top takeaways
- Closed sales: January closings showed a $346K median sale price (+3.3% YoY) and 62 median days on market (Redfin).
- Values & supply: Typical home value is about $328K (+3.6% YoY) with 289 homes for sale at month-end (Zillow).
- Mortgage rates: The 30-year fixed averaged 5.98% for the week ending Feb. 26 (Freddie Mac).
Market snapshot
Rochester remains competitive in recent data, but the 62-day median time on market reported for January closings indicates homes may be taking longer to sell than last year. For buyers, that can mean a bit more flexibility on inspection timing, financing timelines, and negotiation on select listings. For sellers, it reinforces the importance of strong presentation and pricing discipline, especially when buyers are comparing more options.
Rentals
Zillow’s observed rent index shows average rent around $1,632 (data through Jan. 31), with only small month-to-month movement. For households weighing rent vs. buy, the combination of steadier rent trends and mortgage rates near 6% can keep monthly-payment comparisons front and center.
What’s for sale nearby
- Single-family homes and townhomes across multiple price bands; filtering for “new construction” can help identify builder inventory.
- Condos and smaller homes for payment-conscious shoppers; when touring, ask whether seller credits or rate buydowns are being offered.
What are you seeing right now: more price cuts, or more multiple-offer listings?