Is Red Wing, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Red Wing has remained a Seller's Market.
Key Takeaway
Red Wing is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Red Wing, MN
How much do homes in Red Wing, MN cost?
Median Sold Price
$250,000
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Red Wing have sold for 3.8% less than they did a year ago.
Summary: The median home sold price in Red Wing was $250,000 in March 2024, down 3.8% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | $147.5K | +110.7% |
| 2 Bedrooms | $207.4K | $200K | -3.6% |
| 3 Bedrooms | $250K | $226K | -9.6% |
| 4 Bedrooms | $310K | $327K | +5.5% |
| 5+ Bedrooms | $460K | $420K | -8.7% |
Summary: Red Wing housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 110.7%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes decreased by 9.6%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes decreased by 8.7%.
Housing Supply in Red Wing, MN
How many homes are available in Red Wing, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 73 | 79 | +8.2% |
Summary: The Red Wing real estate market had 79 homes for sale in March 2024, a 8.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 24 | 26 | +8.3% |
| 3 Bedrooms | 25 | 24 | -4.0% |
| 4 Bedrooms | 20 | 23 | +15.0% |
| 5+ Bedrooms | 4 | 6 | +50.0% |
Summary: The Red Wing housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.3%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 15 | +25.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Red Wing, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in Red Wing in March 2024, up by 25.0% month-over-month. Of the 15 sold homes, 53% were sold under asking, 13% were sold at asking, and 33% were sold over asking.
Days on Market for Red Wing, MN
How long does it take to sell a home in Red Wing, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 93 Days | 44 Days | -52.1% |
Summary: Homes in Red Wing had an average of 44 days on market in Mar 2024, down by 52.1% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Red Wing are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 15 homes were sold in Red Wing; 53% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
