Richfield OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



map preview
Please wait, loading your map...

Highest
Lowest




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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (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 3,646, 1,402 total housing units (homes and apartments), and a median house value of $342,119, 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 86.21% of the village's housing units. Other types of housing that are prevalent in Richfield include row houses and other attached homes ( 8.70%), duplexes, homes converted to apartments or other small apartment buildings ( 3.34%), and a few large apartment complexes or high rise apartments ( 1.11%).

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 84.10% of Richfield's homes, and 79.39% 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 41.16% of the village's housing hails from this era. Other housing ages represented in Richfield include homes built between 1970-1999 ( 24.09%) and housing constructed before 1939 ( 18.52%). There's also some housing in Richfield built between 2000 and later ( 16.23%).

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 1.89% during the period.

NeighborhoodScout's data show that during the latest twelve months, Richfield's appreciation rate, at 4.89%, has been at or slightly above the national average. In the latest quarter, Richfield's appreciation rate has been -0.07%, which annualizes to a rate of -0.27%.

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

Relative to Ohio, our data show that Richfield's latest annual appreciation rate is lower than 50% of the other cities and towns in Ohio.

Average Home Values

 

Median Home Value:
$342,119

Richfield, OH HOME PRICES

Value Range
> $1,180,000 2.9
$884,001 - $1,180,000 6.2
$590,001 - $884,000 14.9
$472,001 - $590,000 9.2
$354,001 - $472,000 13.1
$236,001 - $354,000 24.6
$118,001 - $236,000 27.3
$59,001 - $118,000 0.5
$0 - $59,000 1.3

Very High for OH
Very High for Nation

Value Relative to Nation Value Relative to State
16.8934306569343 5.7742782152231

Number Of Homes And Apartments:
1,402

Richfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
25.13% 1.10%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,254 / per month

Homeownership Rate

Homeownership
Owners 84.10
Renters 15.90
Vacant 2.37

Housing Market Details

 

Age of Homes

AGE OF Richfield HOMES
2000 or Newer 16.2
1970 - 1999 24.1
1940 - 1969 41.2
1939 or Older 18.5

Types of Homes

TYPE OF Richfield HOMES
Single-Family 86.2
Townhomes 8.7
Small Apt. Buildings 3.3
Apt. Complexes 1.1
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Richfield HOMES
No Bedroom 0.00
1 Bedroom 2.79
2 Bedrooms 11.84
3 Bedrooms 52.51
4 Bedrooms 26.88
5 or more bedrooms 5.99