Is Richfield, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$340,000
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Richfield have sold for 3% more than they did a year ago.
Summary: The median home sold price in Richfield was $340,000 in April 2024, up 3% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $132.5K | $135.5K | +2.3% |
| 2 Bedrooms | $285K | $298K | +4.6% |
| 3 Bedrooms | $330K | $342K | +3.6% |
| 4 Bedrooms | $365K | $370K | +1.4% |
| 5+ Bedrooms | $400K | $400K | 0.0% |
Summary: Richfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.3%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Richfield | $330K | $340K | +3.0% |
| Minneapolis | $334.3K | $343.6K | +2.8% |
Housing Supply in Richfield, MN
How many homes are available in Richfield, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 102 | 127 | +24.5% |
Summary: The Richfield real estate market had 127 homes for sale in April 2024, a 24.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 10 | +25.0% |
| 2 Bedrooms | 26 | 27 | +3.8% |
| 3 Bedrooms | 33 | 48 | +45.5% |
| 4 Bedrooms | 27 | 33 | +22.2% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The Richfield housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 45.5%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 28 | 37 | +32.1% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richfield, you could pay more than the asking price. 62.2% of homes here sold above asking price last month.
Summary: A total of 37 homes were sold or pending in Richfield in April 2024, up by 32.1% month-over-month. Of the 37 sold homes, 16% were sold under asking, 22% were sold at asking, and 62% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 33 Days | 19 Days | -41.0% |
Summary: Homes in Richfield had an average of 19 days on market in Apr 2024, down by 41% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Richfield are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 37 homes were sold in Richfield; 78% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
