Richfield OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Richfield, OH 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 Q3 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Richfield Housing Market Information

With 3,646 people, 1,394 houses or apartments, and a median cost of homes of $318,043, Richfield real estate is some of the most expensive in Ohio, although Richfield home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Richfield, accounting for 87.24% of the village's housing units. Other types of housing that are prevalent in Richfield include row houses and other attached homes ( 8.10%), duplexes, homes converted to apartments or other small apartment buildings ( 2.89%), and a few large apartment complexes or high rise apartments ( 1.06%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Richfield. Owner-occupied housing accounts for 87.73% of Richfield's homes, and 78.93% have either three or four bedrooms, which is average sized relative to America.

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 39.96% of the village's housing hails from this era. Other housing ages represented in Richfield include homes built between 1970-1999 ( 27.98%) and housing constructed before 1939 ( 18.04%). There's also some housing in Richfield built between 2000 and later ( 14.02%).

Richfield Home Appreciation Rates

Richfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Richfield during the period has been just 1.03%, which is lower than 70% of US communities.

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 0.89%, 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 2.67%, which equates to an annual appreciation rate of 11.13%.

Importantly, this makes Richfield one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to Ohio, our data show that Richfield's latest annual appreciation rate is lower than 80% of the other cities and towns in Ohio.

Average Home Values

 

Median Home Value:
$318,043

Richfield, OH HOME PRICES

Value Range
> $1,111,000 3.8
$833,001 - $1,111,000 5.2
$555,001 - $833,000 14.5
$445,001 - $555,000 10.2
$333,001 - $445,000 14.8
$222,001 - $333,000 23.2
$111,001 - $222,000 27.0
$56,001 - $111,000 0.0
$0 - $56,000 1.3

Very High for OH
Very High for Nation

Value Relative to Nation Value Relative to State
18.3649635036496 6.16797900262467

Number Of Homes And Apartments:
1,394

Richfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
Since 2000:
2000 Q1 - 2019 Q3
18.02% 0.84%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,052 / per month

Homeownership Rate

Homeownership
Owners 87.73
Renters 12.27
Vacant 1.76

Housing Market Details

 

Age of Homes

AGE OF Richfield HOMES
2000 or Newer 14.0
1970 - 1999 28.0
1940 - 1969 40.0
1939 or Older 18.0

Types of Homes

TYPE OF Richfield HOMES
Single-Family 87.2
Townhomes 8.1
Small Apt. Buildings 2.9
Apt. Complexes 1.1
Mobile Homes 0.7
Other 0.0

Home Size

SIZE OF Richfield HOMES
No Bedroom 0.00
1 Bedroom 2.82
2 Bedrooms 13.04
3 Bedrooms 47.64
4 Bedrooms 31.29
5 or more bedrooms 5.21