Is Red Wing, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Red Wing was a Seller's Market.
Key Takeaway
Red Wing is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Red Wing, MN
How much do homes in Red Wing, MN cost?
Median Sold Price
$250,375
$151/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Red Wing have sold for 3.7% less than they did a year ago.
Summary: The median home sold price in Red Wing was $250,375 in April 2024, down 3.7% from last year, and the median price per square foot was $151.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | $147.5K | +110.7% |
| 2 Bedrooms | $219.9K | $200K | -9.0% |
| 3 Bedrooms | $250K | $230K | -8.0% |
| 4 Bedrooms | $316K | $325K | +2.8% |
| 5+ Bedrooms | $435K | $366K | -15.9% |
Summary: Red Wing housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 110.7%, 2 bedroom homes decreased by 9%, 3 bedroom homes decreased by 8%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes decreased by 15.9%.
Housing Supply in Red Wing, MN
How many homes are available in Red Wing, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 77 | 92 | +19.5% |
Summary: The Red Wing real estate market had 92 homes for sale in April 2024, a 19.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 25 | 28 | +12.0% |
| 3 Bedrooms | 23 | 30 | +30.4% |
| 4 Bedrooms | 23 | 25 | +8.7% |
| 5+ Bedrooms | 6 | 9 | +50.0% |
Summary: The Red Wing housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 30.4%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 15 | 15 | 0.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Red Wing, expect to pay close to the asking price. 40% of homes here sold near the asking price last month.
Summary: A total of 15 homes were sold or pending in Red Wing in April 2024, the same as the previous month. Of the 15 sold homes, 33% were sold under asking, 40% were sold at asking, and 27% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 58 Days | 112 Days | +91.9% |
Summary: Homes in Red Wing had an average of 112 days on market in Apr 2024, up by 91.9% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Red Wing are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 15 homes were sold in Red Wing; 47% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.
