Richfield appreciation rates and housing market information

Richfield housing market information

With 34,441 people, 15,357 houses or apartments, and a median cost of homes of $229,287, Richfield real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Richfield, accounting for 65.09% of the city's housing units. Other types of housing that are prevalent in Richfield include large apartment complexes or high rise apartments (30.98%), duplexes, homes converted to apartments, or other small apartment buildings (2.03%), and a few row houses and other attached homes (1.45%).

Dwellings in Richfield tend to be quite small (one, two, or no bedrooms) and owner-occupied. In fact, 52.09% of the homes in Richfield have two or fewer bedrooms.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Richfield's housing was primarily built during this period, from the '40s through the '60s. A full 79.62% of the city's housing hails from this era. Other housing ages represented in Richfield include homes built between 1970-1994 (14.87%), and housing constructed from 1939 and earlier (5.06%). There's also some housing in Richfield built between 1995 and later (.45%).

Richfield home appreciation rates

Real estate appreciation rates in Richfield have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 6.48% during the period.

Over the last year, Richfield appreciation rates have trailed the rest of the nation. In the last twelve months, Richfield's appreciation rate has been -5.90%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Richfield were at 0.42%, which equates to an annual appreciation rate of 1.68%.

Relative to Minnesota, our data show that Richfield's latest annual appreciation rate is higher than 8% of the other cities and towns in Minnesota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Richfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Richfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Richfield real estate investment or home purchase decisions.