Richfield, MN 55423 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Richfield, MN—55423

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$334,000

3.8% YoY Growth

Household Income

$84,100

32.6% YoY Growth

Days on Market

10.0% Longer YoY

Home Price Forecast

-0.1%

Median Rent

$1,450

1.7% YoY Growth

1-Bed Rent

$1,040

8.9% YoY Growth

2-Bed Rent

$1,400

10.2% YoY Growth

3-Bed Rent

$2,500

2.1% YoY Growth

Home Price Trends — Richfield, MN

As of Dec '25, the median home price in Richfield, MN is $334,000, with a year-over-year change of 3.8%. This indicates that home prices in Richfield, MN are increasing. According to Zillow, the 1-year price projection is -0.1%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$334,000	3.8%
Single Family	$340,000	3.7%
Condos	$162,000	-1.8%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Richfield, MN

As of July '25, Rentcast reports the average rent in Richfield, MN is $1,790, with a year-over-year rent change of 1.7%. Per bedroom, the median rent as of July '25 in Richfield, MN is studios: $1,270, 1-bedrooms: $1,100, 2-bedrooms: $1,620, 3-bedrooms: $2,320, 4-bedrooms: $2,700. The most common rental property sizes in Richfield, MN are 1-bedroom and 2-bedroom, accounting for 53.9% and 25.8% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,450	$1,790
Studio Rent	$1,220	$1,270
1 Bed Rent	$1,040	$1,100
2 Bed Rent	$1,400	$1,620
3 Bed Rent	$2,500	$2,320
4 Bed Rent	$2,600	$2,700

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% of Rental Stock

Studio

9.2%

1 Bedroom

53.9%

2 Bedrooms

25.8%

3 Bedrooms

7.0%

4 Bedrooms

3.0%

5+ Bedrooms

1.1%

Property Listings — Richfield, MN

As of Dec '25, Realtor.com reports that the median days on market for a home in Richfield, MN is 42. This is a decrease of -16.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 29.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$320,000	-8.0%
Listing Count	72	33.0%
Listings as % of Homes	0.3%	33.0%
Days on Market	58	10.0%

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Demographics — Richfield, MN

As of the latest ACS Survey released in 2023, Richfield, MN has a population of 36,800, which has increased by 1.6% over the past 5 years. Richfield, MN is a moderately popular place for families, as children make up 18.7% of the population. The area has a moderately educated workforce, with 44.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.8% reporting working from home.

Metric	Latest Census	YoY % Change
Population	36,800	1.6%
% Under 18	18.7%	-11.8%
% Seniors	18.8%	23.7%
% WFH	15.8%	393.8%
% w/ College Degree	44.3%	11.6%

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As of the latest ACS Survey released in 2023, Richfield, MN is a predominantly white area, with 61.1% of the population identifying as white. The white population has shrunk by 0.5% in the last 5 years. The second most common race or ethnicity in Richfield, MN is hispanic, making up 18.4% of the population. Foreign-born residents account for 17.0% of the population in Richfield, MN, and this percentage has decreased by 5.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	61.1%	-0.5%
% Black	10.1%	-6.5%
% Hispanic	18.4%	4.0%
% Asian	6.2%	-4.6%
% Foreign Born	17.0%	-5.0%

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Mortgage and Risk — Richfield, MN

According to HUD data as of 2023, there were 560 mortgage originations in Richfield, MN, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Richfield, MN. Investor activity is low, as 5.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	560
% Conventional Loans	91.0%
% Government Loans	9.0%
% Investor Loans	5.0%
% Second Loans	1.0%
% Cash Out Refinance	7.0%

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Rentals and Section 8 — Richfield, MN

As of 2024, the percent of homes in Richfield, MN under the Section 8 program is 7.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Richfield, MN, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.

Section 8 Market Size

Total Units under HUD	455
Total Units Section 8	441
% Rentals under Section 8	7.3%
% Occupied Section 8	89.8%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$270	$1,040	$1,310
2 Bedroom	$200	$1,400	$1,600
3 Bedroom	-$370	$2,500	$2,130
4 Bedroom	-$210	$2,600	$2,390

Richfield, MN—55423

Key Metrics at a Glance

Home Price Trends — Richfield, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Richfield, MN

% of Rental Stock

Property Listings — Richfield, MN

Demographics — Richfield, MN

Race and Ethnicity

Mortgage and Risk — Richfield, MN

Mortgages

Rentals and Section 8 — Richfield, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Richfield, MN

Home Price to Income Ratio

Richfield, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Tangletown, Minneapolis, MN

Bloomington, MN

Fulton, Minneapolis, MN

Edina, MN

Kingfield, Minneapolis, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.7
Median Home Price	$334,000
Median Household Income	$84,100

Richfield, MN—55423

Key Metrics at a Glance

Home Price Trends — Richfield, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Richfield, MN

% of Rental Stock

Property Listings — Richfield, MN

Demographics — Richfield, MN

Race and Ethnicity

Mortgage and Risk — Richfield, MN

Mortgages

Rentals and Section 8 — Richfield, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Richfield, MN

Home Price to Income Ratio

Richfield, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Tangletown, Minneapolis, MN

Bloomington, MN

Fulton, Minneapolis, MN

Edina, MN

Kingfield, Minneapolis, MN

Frequently Asked Questions

What is the average home price in Richfield, MN 55423?

How have home prices in Richfield, MN 55423 changed over the past year?

What is the home price projection for Richfield, MN 55423?

What are the demographics of Richfield, MN 55423?

How long does it take homes to sell in Richfield, MN 55423?

What is the average rent price in Richfield, MN 55423?