Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Redwood County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $164,999 | $243,729 | $242,182 |
| Price Trend (Annual %) | 12.5% | 7.9% | 8.2% |
| Median Gross Rent | $767 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Redwood County is about 32% lower than in Minnesota. Rent is about 38% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Redwood County, up about 12.5% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Redwood County rose about 34.3% between 2015 and 2023, from $571 to $767. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Redwood County.
Buying the median-priced home in Redwood County costs roughly 17.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Redwood County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Redwood County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $164,999 | $243,729 | $242,182 |
| Median Household Income | $65,644 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Redwood County rose about 74.7%, while median household income rose about 49.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Redwood County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.9% | 65.6% | 58.2% |
| Rental Rate | 18.7% | 25.0% | 31.3% |
| Vacancy Rate | 13.4% | 9.4% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Redwood County has a homeownership rate of 67.9%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 13.4%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Redwood County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1960 | 1976 | 1978 |
| Median Number of Rooms | 6.4 | 6.1 | 5.5 |
The typical housing unit in Redwood County was built around 1960. On average, 2.4 people live in a home with about 6.4 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Redwood County, Minnesota.
What is the median home price in Redwood County, Minnesota?
The median home price in Redwood County, Minnesota is $164,999, lower than the Minnesota average of $243,729.
What is the average home price in Redwood County, Minnesota?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Redwood County, Minnesota?
The median gross rent in Redwood County, Minnesota is $767 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Redwood County in 2020?
In 2020, the median gross rent in Redwood County, Minnesota was $651 per month.
What is the price-to-rent ratio in Redwood County, Minnesota?
The price-to-rent ratio in Redwood County, Minnesota is about 17.9, meaning it would take roughly 17.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Redwood County.
Are home prices or rent rising faster in Redwood County, Minnesota?
Both home prices and rent are rising in Redwood County, up about 12.5% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Redwood County, Minnesota?
67.9% of households in Redwood County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Redwood County, Minnesota?
The housing vacancy rate in Redwood County, Minnesota is 13.4%, higher than the Minnesota average of 9.4%.