Rochester, Minnesota’s third-largest city, is best known as the home of the world-renowned Mayo Clinic, which serves as the economic and cultural anchor of the region. Mayo Clinic employs approximately 35,000 people in Rochester and treats more than 1.3 million patients each year from all 50 states and over 130 countries. This global medical presence continues to drive population growth, housing demand, and long-term economic stability. In partnership with Mayo Clinic, the city launched the Destination Medical Center initiative, a 20-year, $5.6 billion economic development effort focused on expanding healthcare, research, housing, and infrastructure. Combined with Mayo Clinic’s additional $5 billion “Bold. Forward. Unbound.” expansion, these investments have already doubled downtown housing units and increased hotel capacity by 25 percent since 2015. In 2023 alone, Rochester issued permits for nearly 1,000 new housing units, second only to Minneapolis statewide, with continued demand driven by workforce growth and relocation. Today, Rochester has evolved into a thriving healthcare hub with sustained momentum in both residential and commercial real estate.
In Olmsted County, the luxury housing market in 2025 is generally defined as homes priced at approximately $1 million and above, representing the upper tier of the local real estate landscape. These properties typically include custom-built residences, estate homes on acreage, architecturally distinctive designs, and homes offering premium locations, privacy, or high-end finishes. While the overall countywide median home price remains around $345,000 to $350,000, luxury homes account for roughly the top 5 to 10 percent of the market, underscoring how specialized this segment is. Current luxury listings range from the low $1 millions to $8 million and higher, with demand driven primarily by Mayo Clinic leadership, physicians, executives, and established professionals seeking long-term primary residences rather than speculative or short-term investments. Homes in this category often experience longer but healthy market times, typically 45 to 60 days when priced appropriately, reflecting a market that is balanced, resilient, and well supported by the strength of the Mayo Clinic economy.
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