$4,334 Closing Credit*
$365,000
2,150 SqFt
4 Beds
•1 Full Bath, 1 Partial
Listing Office: Anderson Realty
Is Richfield, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 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
$349,900
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2023
+$19,900(+6.0%)
Key Takeaway
Homes in Richfield have sold for 6% more than they did a year ago.
Summary: The median home sold price in Richfield was $349,900 in September 2024, up 6% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $125K | $136.2K | +9.0% |
| 2 Bedrooms | $275.7K | $305K | +10.6% |
| 3 Bedrooms | $335K | $346.5K | +3.4% |
| 4 Bedrooms | $364.9K | $380K | +4.1% |
| 5+ Bedrooms | $400K | $415K | +3.8% |
Summary: Richfield housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9%, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 3.8%.
Median Sold Price Compared To Nearby Cities
| Richfield | $330K | $349.9K | +6.0% |
| Minneapolis | $335.4K | $348.4K | +3.9% |
Housing Supply in Richfield, MN
How many homes are available in Richfield, MN?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 123 | 127 | +3.3% |
Summary: The Richfield real estate market had 127 homes for sale in September 2024, a 3.3% increase compared to August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 9 | +28.6% |
| 2 Bedrooms | 18 | 21 | +16.7% |
| 3 Bedrooms | 55 | 58 | +5.5% |
| 4 Bedrooms | 33 | 30 | -9.1% |
| 5+ Bedrooms | 10 | 9 | -10.0% |
Summary: The Richfield housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 28.6%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 5.5%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes decreased by 10%.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 34 | 36 | +5.9% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richfield, you could pay more than the asking price. 52.8% of homes here sold above asking price last month.
Summary: A total of 36 homes were sold or pending in Richfield in September 2024, up by 5.9% month-over-month. Of the 36 sold homes, 19% were sold under asking, 28% were sold at asking, and 53% 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
| Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 16 Days | 18 Days | +8.3% |
Summary: Homes in Richfield had an average of 18 days on market in Sep 2024, up by 8.3% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
7 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 September 2024, 36 homes were sold in Richfield; 81% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
