Is Richfield, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Richfield has remained a Seller's Market.
Key Takeaway
Richfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richfield, MN
How much do homes in Richfield, MN cost?
Median Sold Price
$341,000
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richfield have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Richfield was $341,000 in May 2024, up 3.3% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $136.2K | +4.8% |
| 2 Bedrooms | $283.7K | $301.6K | +6.3% |
| 3 Bedrooms | $330K | $342K | +3.6% |
| 4 Bedrooms | $361.2K | $375K | +3.8% |
| 5+ Bedrooms | $402.5K | $405K | +0.6% |
Summary: Richfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 0.6%.
Median Sold Price Compared To Nearby Cities
| Minneapolis | $332.6K | $344.8K | +3.7% |
| Richfield | $330K | $341K | +3.3% |
Housing Supply in Richfield, MN
How many homes are available in Richfield, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 123 | 128 | +4.1% |
Summary: The Richfield real estate market had 128 homes for sale in May 2024, a 4.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 10 | 0.0% |
| 2 Bedrooms | 23 | 21 | -8.7% |
| 3 Bedrooms | 48 | 54 | +12.5% |
| 4 Bedrooms | 33 | 37 | +12.1% |
| 5+ Bedrooms | 9 | 6 | -33.3% |
Summary: The Richfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 8.7%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 39 | 43 | +10.3% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richfield, you could pay more than the asking price. 65.1% of homes here sold above asking price last month.
Summary: A total of 43 homes were sold or pending in Richfield in May 2024, up by 10.3% month-over-month. Of the 43 sold homes, 21% were sold under asking, 14% were sold at asking, and 65% were sold over asking.
Days on Market for Richfield, MN
How long does it take to sell a home in Richfield, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 11 Days | 13 Days | +24.6% |
Summary: Homes in Richfield had an average of 13 days on market in May 2024, up by 24.6% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 43 homes were sold in Richfield; 91% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
