Is Richfield, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$339,400
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Richfield have sold for 1.7% more than they did a year ago.
Summary: The median home sold price in Richfield was $339,400 in March 2024, up 1.7% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $138.7K | $132K | -4.8% |
| 2 Bedrooms | $282K | $295.5K | +4.8% |
| 3 Bedrooms | $331.3K | $341K | +2.9% |
| 4 Bedrooms | $370K | $365K | -1.4% |
| 5+ Bedrooms | $400K | $395K | -1.3% |
Summary: Richfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.8%, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 1.4%, and 5+ bedroom homes decreased by 1.3%.
Median Sold Price Compared To Nearby Cities
| Minneapolis | $334.8K | $341.2K | +1.9% |
| Richfield | $333.8K | $339.4K | +1.7% |
Housing Supply in Richfield, MN
How many homes are available in Richfield, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 83 | 102 | +22.9% |
Summary: The Richfield real estate market had 102 homes for sale in March 2024, a 22.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 8 | +100.0% |
| 2 Bedrooms | 21 | 25 | +19.0% |
| 3 Bedrooms | 31 | 31 | 0.0% |
| 4 Bedrooms | 22 | 30 | +36.4% |
| 5+ Bedrooms | 5 | 8 | +60.0% |
Summary: The Richfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 19%, 3 bedroom homes remained the same, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes increased by 60%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 23 | 25 | +8.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richfield, you could pay more than the asking price. 64% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Richfield in March 2024, up by 8.7% month-over-month. Of the 25 sold homes, 24% were sold under asking, 12% were sold at asking, and 64% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 27 Days | 29 Days | +9.9% |
Summary: Homes in Richfield had an average of 29 days on market in Mar 2024, up by 9.9% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 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 March 2024, 25 homes were sold in Richfield; 80% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
