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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, 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 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, OH Housing Market Trends

With 3,699 people, 1,569 houses or apartments, and a median cost of homes of $354,919, 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 75.31% of the village's housing units. Other types of housing that are prevalent in Richfield include duplexes, homes converted to apartments or other small apartment buildings ( 16.99%), row houses and other attached homes ( 5.38%), and a few large apartment complexes or high rise apartments ( 2.32%).

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 85.44% of Richfield's homes, and 62.29% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Richfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Richfield built between 1940-1969 ( 36.55%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.03%). There's also some housing in Richfield built before 1939 ( 7.95%).

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 5.09%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Richfield's appreciation rate, at 5.00%, has been at or slightly above the national average. In the latest quarter, Richfield's appreciation rate has been 1.34%, which annualizes to a rate of 5.48%.

Relative to Ohio, our data show that Richfield's latest annual appreciation rate is lower than 90% of the other cities and towns in Ohio.

Average Home Values

Median Home Value

$354,919

Richfield, OH Home Prices
> $1,244,000
$932,001 - $1,244,000
$622,001 - $932,000
$497,001 - $622,000
$373,001 - $497,000
$249,001 - $373,000
$125,001 - $249,000
$62,001 - $125,000
$0 - $62,000
5.9%
5.9%
10.3%
10.3%
16.2%
16.2%
10.8%
10.8%
13.0%
13.0%
23.1%
23.1%
11.6%
11.6%
1.5%
1.5%
7.7%
7.7%
0% 100.0%
% of Homes
Very High

for Ohio

High

for nation

Number of Homes And Apartments:

1,569

Richfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,713 / per month

Homeownership Rate

Owners
Renters
85.4%
85.4%
14.6%
14.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.1%
4.1%
95.9%
95.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
18.0%
18.0%
37.5%
37.5%
36.6%
36.6%
7.9%
7.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
75.3%
75.3%
5.4%
5.4%
17.0%
17.0%
2.3%
2.3%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.3%
2.3%
3.4%
3.4%
23.0%
23.0%
41.6%
41.6%
20.7%
20.7%
9.0%
9.0%
0% 100.0%
% of Homes