$4,037 Closing Credit*
$339,999
1,560 SqFt
3 Beds
•1 Full Bath
Listing Office: Redfin Corporation
Is Richfield, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$350,000
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$15,000(+4.5%)
Key Takeaway
Homes in Richfield have sold for 4.5% more than they did a year ago.
Summary: The median home sold price in Richfield was $350,000 in October 2024, up 4.5% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $136.2K | +4.8% |
| 2 Bedrooms | $275.7K | $305K | +10.6% |
| 3 Bedrooms | $335K | $348.5K | +4.0% |
| 4 Bedrooms | $365K | $381.5K | +4.5% |
| 5+ Bedrooms | $400K | $417.5K | +4.4% |
Summary: Richfield housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 4.4%.
Median Sold Price Compared To Nearby Cities
| Richfield | $335K | $350K | +4.5% |
| Minneapolis | $337.8K | $349.8K | +3.6% |
Housing Supply in Richfield, MN
How many homes are available in Richfield, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 121 | 117 | -3.3% |
Summary: The Richfield real estate market had 117 homes for sale in October 2024, a 3.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 8 | +14.3% |
| 2 Bedrooms | 20 | 20 | 0.0% |
| 3 Bedrooms | 54 | 52 | -3.7% |
| 4 Bedrooms | 31 | 27 | -12.9% |
| 5+ Bedrooms | 9 | 10 | +11.1% |
Summary: The Richfield housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 3.7%, 4 bedroom homes decreased by 12.9%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 39 | 37 | -5.1% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richfield, you could pay more than the asking price. 45.9% of homes here sold above asking price last month.
Summary: A total of 37 homes were sold or pending in Richfield in October 2024, down by 5.1% month-over-month. Of the 37 sold homes, 35% were sold under asking, 19% were sold at asking, and 46% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 34 Days | 29 Days | -14.3% |
Summary: Homes in Richfield had an average of 29 days on market in Oct 2024, down by 14.3% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
12 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 October 2024, 37 homes were sold in Richfield; 65% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
