A recent study shows Rochester has the fastest growing home values in the state. The personal finance website Nerd Wallet found that from 2009 to 2014 house prices increased by about 40-percent in Rochester. Deputy City Manager Nik Banda says he thinks the area’s work to improve its downtown has led to the gains.
“[It hosts] over 100 event days a year. Everything from movies in the moonlight, to a farmers market, to all kinds of special events, and, you know, people want to be around where things are happening.”
Banda says houses downtown typically sell for at least $400,000, if not much more. He says prospective home-owners can still purchase smaller properties for around $100,000, but many of the newly remodeled houses reach into the millions.