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July 26, 2024

Red Cloud, NE - Real Estate Market Overview 2024

Zoe Harper

Marketing

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Red Cloud, NE is a charming small town in Webster County. It offers a mix of small-town vibes and growing real estate prospects. The town is home to 953 people and boasts a median income of $57,065 a year. This showcases an affordable lifestyle with decent income levels¹. Homes here are priced at an average of $121,500. This points towards fairly priced living spaces for those looking to buy or invest¹. With an average household size of 2.1, Red Cloud is perfect for families. In fact, 31.7% of the homes have kids¹.

In Red Cloud, 64% of homes are owned, showing a strong rate of homeownership. Meanwhile, 23% of properties are empty and 13% are rented¹. The population is mainly White at 91%, with smaller numbers of Hispanic, Native American, Black, and Asian residents¹. Looking at these facts, Red Cloud is an inviting place for real estate ventures and property investments.

Key Takeaways

Red Cloud, NE has a population of 953, fostering a close-knit community environment¹.
The median home sale price in Red Cloud is $121,500, offering affordable housing¹.
A high homeownership rate of 64% reflects stability in the housing market¹.
The median household income of $57,065 indicates moderate earning levels among residents¹.
Families make up a significant portion of the population, with 31.7% of households having children¹.
Demographic insights reveal a 91% White populace, with small percentages of other ethnic groups¹.

Current Real Estate Trends in Red Cloud, NE

Red Cloud, NE, has a real estate market that balances affordable prices and potential for growth. The average home price is $124,386. This shows the market is competitive². The town's homes are cheaper than many places in the U.S., with a median value of $53,500. This makes buying a home more achievable for lots of people³.

Market Forecast

The future looks bright for Red Cloud’s housing market. Trends and data point to more growth ahead. With 547 homes for sale, the area is lively and attracting buyers². Affordable prices and good amenities make it a favorable place. The market is expected to keep getting better.

To understand the market, the Redfin Home Price Index (RHPI) is useful. It offers up-to-date and precise market insights⁴. By combining different sources, we get a full picture of Red Cloud’s market trends⁴.

Median Sale and List Prices

The mid-point sale price is a key part of understanding property costs. It's currently at $84,000 in Red Cloud². Trulia provides more insight with a featured home at 242 W 3rd Ave valued at $146,700³.

The town offers a range of home prices, with the top price at $8,140,000. The least expensive home sold for $4,634². Rentals are also affordable, at a median price of $567. This highlights how accessible the housing market is in Red Cloud³.

A key property to look at is a 2-bedroom home at 242 W 3rd Ave. It dates back to 1951 and includes a garage and central heating. Its last valuation was $146,700, showing steady appreciation in the area³.

Recent Property Sales in Red Cloud, NE

In Red Cloud, NE, recent house sales offer insights into the market. They show us how much homes are worth and past sale prices. This helps us understand the area's economy and its potential for investments.

Analysis of Recently Sold Homes

Home sales in Red Cloud reveal different trends. For example, a home at 505 N Chestnut Street, built in 1908, stayed on the market for 966 days⁵. It has four bedrooms and two bathrooms. However, it didn't get any visits while listed, showing some homes don't draw quick interest⁵. These details help grasp supply and demand in Red Cloud. In the last 30 days, one house sold, but 13 new ones were listed, showing more homes are coming up for sale⁵.

Price Trends Over Time

For the past 30 days, the median sales price in Red Cloud's 68970 area was $615,000⁵. Tracking these prices over time gives insight into historical sales. Recently, homes sold in just one day on average, indicating a quick market turnover. This might mean high demand or well-priced homes⁵. The local economy, with a median income of $45,250 and an average age of 48, also affects property sales⁵.

Demographic Insights for Red Cloud, NE

The demographic makeup of Red Cloud, Nebraska, is quite varied. There's a mix of ages, jobs, and ethnicities. Knowing this is key for those considering real estate investments there.

Population Age Distribution

Home to about 1,665 people, Red Cloud shares its vibrancy with Guide Rock⁶. Jobs here range across sales, management, and service areas⁶. This shows a stable job market and room for growth in various sectors.

Ethnic Composition

Red Cloud is rich in cultural diversity. Whites and Native Americans are the main ethnic groups⁶. The area also boasts a variety of European ancestries, making it culturally rich⁶. Notably, 4.0% claim Danish roots, while 39.0% have German ancestry⁶.

Education is valued, with 17.20% of adults holding college degrees⁶. With a per capita income of $35,259 in 2022, economic stability is evident⁶.

Understanding demographics is crucial for housing market success. Market studies, especially for LIHTC projects, reveal key insights. For more, visit this resource ⁶.

Housing Market Inventory in Red Cloud, NE

The housing market in Red Cloud is lively, offering both stability and opportunities for growth. As of September 2022, the number of unsold homes was at a 3.2-month supply⁷. This shows a competitive market for people looking into buying or selling in Red Cloud.

Current Homes for Sale

Red Cloud's market listings provide a variety of homes that meet different needs. The total homes sold changed from 6.49 million in January to 4.71 million in September 2022. This change signals a complex market for buyers and sellers⁷.

The mediantime homes stayed on the market was 13 to 23 days, showing a fast-moving market⁷.

New Listings

New listings are crucial in understanding Red Cloud's housing inventory. In mid-January, homes in Red Cloud went pending in just 18 days⁸. The number of available homes in the U.S. decreased from 1.16 million to 1.07 million from January to the following January. This points to a competitive environment for new listings⁸.

These trends indicate that buyers must be quick to grab the best opportunities in Red Cloud's real estate market.

Factors Influencing Market Demand in Red Cloud, NE

Understanding how market demand works in Red Cloud is key to predicting future real estate trends. A major factor affecting demand is the drop in housing inventory, seen across Nebraska. For example, the for-sale inventory in the Omaha metro area has fallen by two-thirds in the past ten years⁹. This decrease leads to more competition among buyers, which affects Red Cloud in a similar way.

Economic conditions and demographic changes also shape demand in Red Cloud. Last fall, the average cost of new homes in Omaha neared $470,000 due to broader economic trends⁹. These higher prices show the increased financial pressure on buyers, similar to trends in Red Cloud. The local economy, which relies on real estate for almost 16% of its value, highlights the sector's role as a key market driver¹⁰.

Environmental factors are crucial in the real estate market. For instance, the industrial real estate sector has a low vacancy rate of 3.9% nationwide¹¹. In Red Cloud, the demand varies based on the available real estate, from homes to commercial properties, influenced by the current market situation.

Socioeconomic factors, like family incomes and housing costs, also impact market dynamics. In Omaha, home values have been rising much faster than median incomes⁹. This pattern, which is common across the Midwest, is likely affecting Red Cloud's market as well. Knowing these factors helps those involved in the market to make better decisions.

Finally, economic and environmental factors play big roles in Red Cloud's property demand. Understanding these influences is crucial for grasping the dynamics that will shape Red Cloud's real estate future.

Economic Overview of Red Cloud, NE

Red Cloud, NE has a varied economic scene. The town has put nearly $20 million into projects¹². These steps have changed Red Cloud’s economy and helped it grow.

Median Household Income

The median income in Red Cloud is vital for understanding its economy. It stands at $57,065 a year¹. This amount shows the community's buying power and economic health.

Most households earn between $50,000 and $74,999 each year¹. This covers over 20% of the people. It points to a financially stable community.

Employment Statistics

Jobs in Red Cloud mix white- and blue-collar roles. About 62% are office jobs, including sales and support roles¹. Meanwhile, 38% are in industrial or manual work¹.

New jobs come from economic growth plans. The Potter Block Project will add 10 jobs and make $3.5 million annually¹². Heritage Tourism brought in 37 businesses, boosting job options¹².

For more details on Red Cloud's economic and community efforts, go to this link ¹².

School Ratings and Educational Facilities in Red Cloud, NE

Families often want to know about local schools before moving to Red Cloud, NE. Checking school ratings in Red Cloud helps them see the education quality. This info is crucial for making real estate decisions. By looking at these ratings and local educational facilities, people can make better choices for their families.

Elementary Schools

Red Cloud's elementary schools are known for their committed teachers and supportive settings. Sites like GreatSchools offer detailed reviews, helping parents weigh their options. Small class sizes, parental involvement, and fun extracurriculars boost Red Cloud's school ratings. They create a solid start for kids.

Middle and High Schools

Middle and high schools in Red Cloud provide great academic and personal growth chances. They have courses for advanced students, many sports, and strong arts programs. Parents in reviews praise the community’s support for education. Also, the area around Road 1400 Hwy #136 in Red Cloud has beautiful landscapes and community activities. This makes nearby schools even more appealing. Property located here ¹³.

Natural Hazards and Environmental Risks in Red Cloud, NE

Red Cloud faces significant environmental risks and natural hazards. It's crucial for residents and property owners to understand these. This knowledge is key for preparing for disasters effectively.

Flood Risks

Floods are a big risk in Red Cloud, especially during heavy rains and storm surges. Homeowners need to know about flood zones. They should take steps to protect their homes. Local hazard maps are handy to spot high-risk areas. This helps in making smart decisions about buying property and choosing insurance. The National Weather Service provides vital flood risk information.

In places like Albuquerque, natural hazards greatly influence the housing market. Environmental risks, like floods and fires, matter a lot to homeowners real estate insight. Taking action early can lessen damage and financial loss¹⁴.

Wind and Heat Hazards

Red Cloud also faces risks from wind and heat. Seasonal winds and rising temperatures from climate change make this worse. These hazards can damage properties and risk lives¹⁵. Preparing for these extreme weather events is vital. It's important to build structures that can withstand these conditions and manage resources well.

For help preparing for wind and heat, consult the Bureau of Land Management and the National Oceanic and Atmospheric Administration. Following their advice can lessen the damage from climate threats. It ensures Red Cloud remains sustainable in the long run¹⁵.

Community Amenities and Lifestyle in Red Cloud, NE

Red Cloud, NE, is a unique place where modern amenities meet history. The National Willa Cather Center is a standout since opening in 2017. It has loft apartments and retail spaces, drawing attention from investors¹⁶. These efforts show a strong commitment to a better quality of life and a stronger local economy.

A major initiative is the "Campaign for the Future," steered by the Heritage Tourism Advisory Committee. It's 83% done and focuses on restoring seven historic sites with a $6.5 million target¹⁶. This campaign is key to upholding cultural heritage and boosting the economy.

Downtown has seen great improvements, with the Farmers & Merchants Bank and Gary's Barbershop looking better than ever. There's also the big Hotel Garber project, aiming to add another floor and make it a key feature of the town¹⁶. Investing in these projects betters the economy and improves life for locals.

Both community members and visitors are excited about the revitalization work. Support and money have come from many, including the Red Cloud Tourism & Commerce Director¹⁶. Government grants for Downtown Revitalization and Tourism Development also play a big part in making the area more appealing and financially strong.

Red Cloud offers services and amenities that enhance life for everyone. From fun and health to learning, there's something for all. The amenities in Red Cloud support a lifestyle that's rich and fulfilling for families and singles.

The benefits of life in NE are clear, with strong community involvement and investments in local initiatives. These efforts make everyday life better for residents and highlight Red Cloud as more than a place to live — it's a place to flourish.

Rental Market in Red Cloud, NE

The rental market in Red Cloud, NE has many housing options. This shows what the people and economy are like. There are apartments and houses for rent. The safe and friendly area is great for people looking for a secure place⁶. Let's look at the apartments and houses available to see what's trending.

Available Apartments

Red Cloud's apartment market offers different kinds of units. These are great for individuals and small families looking for affordable homes close to jobs¹. The average person is around 46.6 years old. Many work in office jobs. This keeps the desire for modern apartments strong¹. Plus, not many people in town means more privacy and community feel⁶.

Houses for Rent

Houses for rent in Red Cloud are perfect for those who want more room. Different prices mean many families can find something they afford¹. Around 31.7% of homes have kids. The median house price is $121,500, so rentals are affordable¹. These homes offer lots of space, ideal for big families or anyone enjoying Red Cloud's suburban look.

For details on real estate and rentals in Red Cloud, check out CENTURY 21. There, you can find many properties in this beautiful Nebraskan town.

FAQ

What are the current real estate trends in Red Cloud, NE?

To understand the real estate trends in Red Cloud, NE, look at the market trends and housing forecasts. The one-year market forecast shows growth is expected. Yet, it's wise to seek advice from financial experts.

What are the median sale and list prices in Red Cloud?

The median sale and list prices in Red Cloud change often, with Zillow providing current metrics. Look at these trends for insights on property prices. This helps buyers and sellers make smart choices.

How have recent property sales impacted the market in Red Cloud?

Recent home sales show trends in property values and the market's health in Red Cloud. By looking at historical sales data, we can see the area's investment potential.

Q: What are the demographic insights for Red Cloud, NE?

Red Cloud's population is diverse in age and ethnicity. Understanding these demographics can help explain the area's housing needs.

What is the current housing market inventory in Red Cloud?

The housing market in Red Cloud features both homes for sale and new listings. This variety offers choices for buyers and outlines competition for sellers.

What factors are influencing market demand in Red Cloud?

Market demand in Red Cloud is shaped by various factors, including changes in demographics and the economy. These shifts can greatly affect property interest.

What is the economic overview of Red Cloud, NE?

To understand Red Cloud's economy, look at household incomes and job stats. The local economic scene influences the housing market.

How do school ratings and educational facilities affect real estate in Red Cloud?

In Red Cloud, school ratings from GreatSchools matter for real estate decisions. High-quality schools make the community more appealing to potential buyers.