Is Redwood Falls, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Redwood Falls is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Redwood Falls has remained a Seller's Market.

Key Takeaway

Redwood Falls is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Redwood Falls, MN

How much do homes in Redwood Falls, MN cost?

Median Sold Price

$185,000

$103/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$20,500(+12.5%)

Key Takeaway

Homes in Redwood Falls have sold for 12.5% more than they did a year ago.

Summary: The median home sold price in Redwood Falls was $185,000 in February 2024, up 12.5% from last year, and the median price per square foot was $103.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $84.5K$102.7K
+21.5%
3 $150K$175.7K
+17.2%
4 $229.5K$200K
-12.9%
5+ $378K$322.5K
-14.7%

Summary: Redwood Falls housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 21.5%, 3 bedroom homes increased by 17.2%, 4 bedroom homes decreased by 12.9%, and 5+ bedroom homes decreased by 14.7%.

Median Sold Price Compared To Nearby Cities

Redwood Falls Township
+15.6%
Redwood Falls
+12.5%

Housing Supply in Redwood Falls, MN

How many homes are available in Redwood Falls, MN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
29290.0%

Summary: The Redwood Falls real estate market had 29 homes for sale in February 2024, the same as January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 44
0.0%
3 1413
-7.1%
4 89
+12.5%
5+ 33
0.0%

Summary: The Redwood Falls housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 7.1%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
37+133.3%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Redwood Falls, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Redwood Falls in February 2024, up by 133.3% month-over-month. Of the 7 sold homes, 71% were sold under asking, 14% were sold at asking, and 14% were sold over asking.

Days on Market for Redwood Falls, MN

How long does it take to sell a home in Redwood Falls, MN?

Average Sale Time

Feb 2023Feb 2024CHANGE
97 Days135 Days+39.3%

Summary: Homes in Redwood Falls had an average of 135 days on market in Feb 2024, up by 39.3% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Redwood Falls are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 7 homes were sold in Redwood Falls; 29% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 71% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Redwood Falls, MN

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