$4,453 Closing Credit*
$375,000
2,051 SqFt
3 Beds
•1 Full Bath
Listing Office: Kris Lindahl Real Estate
Is Richfield, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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 November 2023
+$14,000(+4.2%)
Key Takeaway
Homes in Richfield have sold for 4.2% more than they did a year ago.
Summary: The median home sold price in Richfield was $350,000 in November 2024, up 4.2% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $132.5K | $136.2K | +2.8% |
| 2 Bedrooms | $287K | $305.5K | +6.4% |
| 3 Bedrooms | $340K | $347K | +2.1% |
| 4 Bedrooms | $365K | $380K | +4.1% |
| 5+ Bedrooms | $402.5K | $420K | +4.3% |
Summary: Richfield housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.8%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 4.3%.
Median Sold Price Compared To Nearby Cities
| Richfield | $336K | $350K | +4.2% |
| Minneapolis | $339.6K | $349.9K | +3.0% |
Housing Supply in Richfield, MN
How many homes are available in Richfield, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 109 | 93 | -14.7% |
Summary: The Richfield real estate market had 93 homes for sale in November 2024, a 14.7% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 7 | +16.7% |
| 2 Bedrooms | 15 | 17 | +13.3% |
| 3 Bedrooms | 54 | 43 | -20.4% |
| 4 Bedrooms | 24 | 21 | -12.5% |
| 5+ Bedrooms | 10 | 5 | -50.0% |
Summary: The Richfield housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 13.3%, 3 bedroom homes decreased by 20.4%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 38 | 29 | -23.7% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richfield, expect to pay close to the asking price. 34.5% of homes here sold near the asking price last month.
Summary: A total of 29 homes were sold or pending in Richfield in November 2024, down by 23.7% month-over-month. Of the 29 sold homes, 31% were sold under asking, 34% were sold at asking, and 34% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 21 Days | 44 Days | +105.9% |
Summary: Homes in Richfield had an average of 44 days on market in Nov 2024, up by 105.9% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
4 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 November 2024, 29 homes were sold in Richfield; 52% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
