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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Richfield, UT Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Richfield, UT Housing Market Trends

With a population of 8,220, 2,645 total housing units (homes and apartments), and a median house value of $398,599, 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 73.62% of the city's housing units. Other types of housing that are prevalent in Richfield include duplexes, homes converted to apartments or other small apartment buildings ( 12.57%), large apartment complexes or high rise apartments ( 7.92%), and a few mobile homes or trailers ( 4.86%).

The large homes that make up Richfield are primarily owner-occupied ( 65.86%).

There is a lot of housing in Richfield 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 Richfield built between 1940-1969 ( 24.78%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.94%). There's also some housing in Richfield built before 1939 ( 16.12%).

Richfield Home Appreciation Rates

In the last 10 years, Richfield has experienced some of the highest home appreciation rates of any community in the nation. Richfield real estate appreciated 113.39% over the last ten years, which is an average annual home appreciation rate of 7.87%, putting Richfield in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Richfield definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 2.27%, 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 -0.72%, which equates to an annual appreciation rate of -2.85%.

Notably, Richfield's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Utah, our data show that Richfield's latest annual appreciation rate is higher than 70% of the other cities and towns in Utah.

Average Home Values

Median Home Value

$398,599

Richfield, UT Home Prices
> $1,390,000
$1,043,001 - $1,390,000
$695,001 - $1,043,000
$556,001 - $695,000
$417,001 - $556,000
$278,001 - $417,000
$139,001 - $278,000
$70,001 - $139,000
$0 - $70,000
0.0%
0.0%
2.8%
2.8%
4.8%
4.8%
6.5%
6.5%
23.6%
23.6%
27.4%
27.4%
25.4%
25.4%
4.5%
4.5%
5.0%
5.0%
0% 100.0%
% of Homes
Low

for Utah

High

for nation

Number of Homes And Apartments:

2,645

Richfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,118 / per month

Homeownership Rate

Owners
Renters
65.9%
65.9%
34.1%
34.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.1%
6.1%
93.9%
93.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
21.9%
21.9%
37.2%
37.2%
24.8%
24.8%
16.1%
16.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
73.6%
73.6%
1.0%
1.0%
12.6%
12.6%
7.9%
7.9%
4.9%
4.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.9%
3.9%
11.3%
11.3%
14.7%
14.7%
23.6%
23.6%
11.9%
11.9%
34.5%
34.5%
0% 100.0%
% of Homes

Popular Neighborhoods in Richfield

Zip Codes in Richfield, UT