Richfield, Minnesota Real Estate
Richfield is one of the inner ring suburbs located just south of Minneapolis. It's bordered to the north and south by County Road 62 or crosstown and 494. The city was incorporated in 1908 and has a land mass of 7.01 mi.². The average population is a little over 36,000 residents.
Richfield is close to almost everything in the metro area. It's only 10 minutes from the mall of America or the Minneapolis-St. Paul international Airport. You can commute to downtown Minneapolis with inside of 10 minutes. One of the larger cities that border Richfield is Bloomington.
Most of the homes were built between 1940 and 1970. There's a variety of properties from single-family homes, townhomes condominiums as well as some duplexes. A lot of home buyers that are looking at Richfield also consider South Minneapolis, St. Louis Park and Bloomington. All of those cities have very similar style homes.
The Richfield public school is Independent school District 280 it serves about 4200 students in Richfield and part of Edina from grades kindergarten through 12.
As a real estate agent selling homes in Richfield, I've noticed a huge change in the last 5 to 8 years. I've come to the realization that a lot of home buyers that purchase in Richfield have lived there for many years. Home prices seem to remain pretty stable and you get a lot of value for your dollar. I have seen some investors move in over the last 3 to 4 years that have tried to flip homes and get outrageous prices for them. Some of that is fallen by the wayside and everything seems to be pretty balanced. If you're looking in south Minneapolis I always suggest taking a look at Richfield. Taxes are a little bit less and homes are priced about 10% less. It seemed like Richfield's reputation really took a beating after the mall of America opened. Most of that's false in the city has really reinvented itself. You can find some duplexes if you're an investor but they're few and far between. Seems like when they come up for sale, they sell quickly and at a premium.
Use the interactive real estate sales graphs below for real-time statistics on the City of Richfield. (All updated maps are based on every property in the city including single-family homes, townhomes and condos. For more specific information about a neighborhood, price range or style of home, contact Tom Sommers 952-994-7204.)
Median sales price in Richfield
Average days on market over last three years in Richfield
Average months’ supply of homes for sale in Richfield (This is also referred to as the absorption rate. Meaning, if no other homes came on the market from this day forward it would take this number of months for all the homes to sell. 0 to 3 months is a seller's market, 4 to 6 months is an average market and 6+ months of inventory is typically a buyer’s market)
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The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than the owner of this site are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Information deemed reliable but not guaranteed.
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Today's Market Trends for Richfield, MN *
* All data pertains to single-family homes