Is Redwood County, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Redwood County has remained a Seller's Market.
Key Takeaway
Redwood County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Redwood County, MN
How much do homes in Redwood County, MN cost?
Median Sold Price
$145,000
$86/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Redwood County have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in Redwood County was $145,000 in November 2023, up 6.8% from last year, and the median price per square foot was $86.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $20K | - | N/A |
| 2 Bedrooms | $75K | $93.7K | +25.0% |
| 3 Bedrooms | $136.5K | $150.2K | +10.1% |
| 4 Bedrooms | $166.5K | $170K | +2.1% |
| 5+ Bedrooms | $282.5K | $258.2K | -8.6% |
Summary: Redwood County housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes decreased by 8.6%.
Median Sold Price Compared To Nearby Counties
| Yellow Medicine County | $119.9K | $142.5K | +18.8% |
| Cottonwood County | $152K | $164K | +7.9% |
| Redwood County | $135.7K | $145K | +6.8% |
| Renville County | $143.5K | $145.5K | +1.4% |
Housing Supply in Redwood County, MN
How many homes are available in Redwood County, MN?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 66 | 58 | -12.1% |
Summary: The Redwood County real estate market had 58 homes for sale in November 2023, a 12.1% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 7 | -22.2% |
| 3 Bedrooms | 33 | 26 | -21.2% |
| 4 Bedrooms | 16 | 17 | +6.3% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The Redwood County housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 22.2%, 3 bedroom homes decreased by 21.2%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 15 | 13 | -13.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Redwood County, you may be able to get a good deal. 92.3% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Redwood County in November 2023, down by 13.3% month-over-month. Of the 13 sold homes, 92% were sold under asking, 0% were sold at asking, and 8% were sold over asking.
Days on Market for Redwood County, MN
How long does it take to sell a home in Redwood County, MN?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 41 Days | 55 Days | +36.0% |
Summary: Homes in Redwood County had an average of 55 days on market in Nov 2023, up by 36% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Redwood County are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 13 homes were sold in Redwood County; 38% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
