Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 5,059 people, 2,149 houses or apartments, and a median cost of homes of $208,924, house prices in Redwood Falls are solidly below the national average.
Single-family detached homes are the single most common housing type in Redwood Falls, accounting for 65.95% of the city's housing units. Other types of housing that are prevalent in Redwood Falls include large apartment complexes or high rise apartments ( 12.21%), row houses and other attached homes ( 8.69%), and a few mobile homes or trailers ( 8.45%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Redwood Falls. Owner-occupied housing accounts for 67.86% of Redwood Falls's homes, and 54.19% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Redwood Falls built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Redwood Falls built between 1940-1969 ( 27.90%). A lesser amount of the housing stock also hails from before 1939 ( 18.60%). There's also some housing in Redwood Falls built between 2000 and later ( 8.21%).
Vacant housing appears to be an issue in Redwood Falls. Fully 13.10% of the housing stock is classified as vacant. Left unchecked, vacant Redwood Falls homes and apartments can be a drag on the real estate market, holding Redwood Falls real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Redwood Falls's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Redwood Falls during the period has been just 5.34%, which is lower than 80% of US communities.
Appreciation rates are so strong in Redwood Falls that despite a nationwide downturn in the housing market, Redwood Falls real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Redwood Falls appreciation rates continue to be some of the highest in America, at 8.85%, which is higher than appreciation rates in 71.18% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Redwood Falls. Redwood Falls appreciation rates in the latest quarter were at 2.49%, which equates to an annual appreciation rate of 10.32%.
Relative to Minnesota, our data show that Redwood Falls's latest annual appreciation rate is higher than 90% of the other cities and towns in Minnesota.
$208,924
for Minnesota
for nation
2,149
$1,106 / per month