Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 36,710 people, 15,900 houses or apartments, and a median cost of homes of $363,991, Richfield real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Richfield, accounting for 58.91% of the city's housing units. Other types of housing that are prevalent in Richfield include large apartment complexes or high rise apartments ( 34.94%), row houses and other attached homes ( 2.82%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.70%).
People in Richfield primarily live in small (one, two or no bedroom) single-family detached homes. Richfield has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Richfield's housing was primarily built during this period, from the '40s through the '60s. A full 65.25% of the city's housing hails from this era. Other housing ages represented in Richfield include homes built between 1970-1999 ( 20.97%) and housing constructed between 2000 and later ( 8.77%). There's also some housing in Richfield built before 1939 ( 5.01%).
Real estate appreciation rates in Richfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.89% during the period.
Over the last year, Richfield appreciation rates have trailed the rest of the nation. In the last twelve months, Richfield's appreciation rate has been 0.54%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Richfield were at 2.27%, which equates to an annual appreciation rate of 9.37%.
Relative to Minnesota, our data show that Richfield's latest annual appreciation rate is lower than 80% of the other cities and towns in Minnesota.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Richfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Richfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Richfield real estate investment or home purchase decisions.
$363,991
for Minnesota
for nation
15,900
$1,916 / per month