Richfield, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Richfield Neighborhoods Since 2000




Richfield, MN Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Richfield Housing Market Information

With a population of 36,216, 15,069 total housing units (homes and apartments), and a median house value of $223,776, 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 60.71% of the city's housing units. Other types of housing that are prevalent in Richfield include large apartment complexes or high rise apartments ( 34.63%), duplexes, homes converted to apartments or other small apartment buildings ( 2.13%), and a few row houses and other attached homes ( 2.07%).

People in Richfield primarily live in small (one, two or no bedroom) single-family detached homes. Richfield has a mixture of owner-occupied and renter-occupied housing.

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 65.63% of the city's housing hails from this era. Other housing ages represented in Richfield include homes built between 1970-1999 ( 23.29%) and housing constructed between 2000 and later ( 6.43%). There's also some housing in Richfield built before 1939 ( 4.65%).

Richfield Home Appreciation Rates

Real estate appreciation rates in Richfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.54% during the period.

Appreciation rates are so strong in Richfield that despite a nationwide downturn in the housing market, Richfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Richfield appreciation rates continue to be some of the highest in America, at 7.58%, which is higher than appreciation rates in 84.58% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Richfield. Richfield appreciation rates in the latest quarter were at 1.44%, which equates to an annual appreciation rate of 5.89%.

Relative to Minnesota, our data show that Richfield's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Richfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$223,776

Richfield, MN HOME PRICES

Value Range
> $1,218,000 0.3
$913,001 - $1,218,000 0.1
$609,001 - $913,000 0.2
$487,001 - $609,000 0.6
$365,001 - $487,000 3.0
$243,001 - $365,000 30.4
$122,001 - $243,000 57.6
$61,001 - $122,000 3.3
$0 - $61,000 4.5

High for MN
High for Nation

Value Relative to Nation Value Relative to State
26.9951951248096 28.7474332648871

Number Of Homes And Apartments:
15,069

Richfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
40.74% 2.00% 6 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,086 / per month

Homeownership Rate

Homeownership
Owners 62.47
Renters 37.53
Vacant 5.10

Housing Market Details

 

Age of Homes

AGE OF Richfield HOMES
2000 or Newer 6.4
1970 - 1999 23.3
1940 - 1969 65.6
1939 or Older 4.7

Types of Homes

TYPE OF Richfield HOMES
Single-Family 60.7
Townhomes 2.1
Small Apt. Buildings 2.1
Apt. Complexes 34.6
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Richfield HOMES
No Bedroom 0.57
1 Bedroom 24.61
2 Bedrooms 26.03
3 Bedrooms 35.23
4 Bedrooms 11.41
5 or more bedrooms 2.15