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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, MN 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, MN Housing Market Trends

With 36,710 people, 15,900 houses or apartments, and a median cost of homes of $354,645, 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 58.91% of the city's housing units. Other types of housing that are prevalent in Richfield include large apartment complexes or high rise apartments ( 34.94%), row houses and other attached homes ( 2.82%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.70%).

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 65.25% of the city's housing hails from this era. Other housing ages represented in Richfield include homes built between 1970-1999 ( 20.97%) and housing constructed between 2000 and later ( 8.77%). There's also some housing in Richfield built before 1939 ( 5.01%).

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 5.96% 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 1.95%, 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 -2.13%, which equates to an annual appreciation rate of -8.26%.

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

Relative to Minnesota, our data show that Richfield's latest annual appreciation rate is lower than 70% 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

$354,645

Richfield, MN Home Prices
> $1,188,000
$891,001 - $1,188,000
$594,001 - $891,000
$475,001 - $594,000
$356,001 - $475,000
$237,001 - $356,000
$119,001 - $237,000
$59,001 - $119,000
$0 - $59,000
0.5%
0.5%
0.1%
0.1%
2.6%
2.6%
8.1%
8.1%
35.0%
35.0%
43.5%
43.5%
7.0%
7.0%
1.8%
1.8%
1.5%
1.5%
0% 100.0%
% of Homes
High

for Minnesota

High

for nation

Number of Homes And Apartments:

15,900

Richfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,831 / per month

Homeownership Rate

Owners
Renters
61.0%
61.0%
39.0%
39.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.6%
2.6%
97.4%
97.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.8%
8.8%
21.0%
21.0%
65.3%
65.3%
5.0%
5.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
58.9%
58.9%
2.8%
2.8%
2.7%
2.7%
34.9%
34.9%
0.5%
0.5%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.2%
3.2%
22.4%
22.4%
25.2%
25.2%
30.4%
30.4%
15.9%
15.9%
3.0%
3.0%
0% 100.0%
% of Homes