Richfield, OH 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Richfield, OH Housing Market Trends

With a population of 3,644, 1,421 total housing units (homes and apartments), and a median house value of $396,074, 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 85.89% of the village's housing units. Other types of housing that are prevalent in Richfield include row houses and other attached homes ( 9.14%), duplexes, homes converted to apartments or other small apartment buildings ( 3.76%).

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 86.95% of Richfield's homes, and 77.76% 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 41.53% of the village's housing hails from this era. Other housing ages represented in Richfield include homes built between 1970-1999 ( 27.96%) and housing constructed before 1939 ( 15.99%). There's also some housing in Richfield built between 2000 and later ( 14.52%).

Richfield Home Appreciation Rates

Appreciation rates for homes in Richfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 45.31%, which ranks in the top 50% nationwide. This equates to an annual average Richfield house appreciation rate of 3.81%.

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 10.64%, which is higher than appreciation rates in 72.74% 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 2.16%, which equates to an annual appreciation rate of 8.91%.

Relative to Ohio, our data show that Richfield's latest annual appreciation rate is higher than 60% of the other cities and towns in Ohio.

Average Home Values

 

Median Home Value:
$396,074

Richfield, OH HOME PRICES

> $1,335,000
2.9%
2.9%
$1,001,001 - $1,335,000
6.5%
6.5%
$667,001 - $1,001,000
14.5%
14.5%
$534,001 - $667,000
7.3%
7.3%
$400,001 - $534,000
13.7%
13.7%
$267,001 - $400,000
29.1%
29.1%
$133,001 - $267,000
23.7%
23.7%
$67,001 - $133,000
1.0%
1.0%
$0 - $67,000
1.3%
1.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for OH

Value Relative To Nation

Number Of Homes And Apartments:
1,421

Richfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
41.54% 1.63%
5
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,218 / per month

Homeownership Rate

Owners
87.0%
87.0%
Renters
13.0%
13.0%
Vacant
4.5%
4.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.5%
14.5%
1970 - 1999
28.0%
28.0%
1940 - 1969
41.5%
41.5%
1939 or Older
16.0%
16.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
85.9%
85.9%
Townhomes
9.1%
9.1%
Small Apt. Buildings
3.8%
3.8%
Apt. Complexes
0.6%
0.6%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
5.3%
5.3%
2 Bedrooms
10.2%
10.2%
3 Bedrooms
51.5%
51.5%
4 Bedrooms
26.2%
26.2%
5 or more bedrooms
6.7%
6.7%
0.0% 100.0%
% OF HOMES