Richmond, MN—56368
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richmond, MN
As of Oct '25, the median home price in Richmond, MN is $365,000, with a year-over-year change of 3.6%. This indicates that home prices in Richmond, MN are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $365,000 | 3.6% |
| Single Family | $365,000 | 3.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $311,000 | 1.6% |
3 Bed | $397,000 | 3.7% |
4 Bed | $485,000 | 5.4% |
| 5 Bed | $558,000 | 5.3% |
% of Housing Stock
Rental Trends — Richmond, MN
Richmond, MN lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Richmond, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, MN is 29. This is a decrease of -10.0% 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 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $274,000 | -25.0% |
Listing Count | 26 | -8.0% |
| Listings as % of Homes | 0.4% | -8.0% |
Days on Market | 29 | -10.0% |
Demographics — Richmond, MN
As of the latest ACS Survey released in 2023, Richmond, MN has a population of 4,160, which has decreased by -9.1% over the past 5 years. Richmond, MN is a moderately popular place for families, as children make up 23.3% of the population. The area has a poorly educated workforce, with 22.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 4,160 | -9.1% |
% Under 18 | 23.3% | 5.0% |
% Seniors | 21.0% | 2.9% |
% WFH | 11.7% | 98.3% |
% w/ College Degree | 22.1% | 35.6% |
As of the latest ACS Survey released in 2023, Richmond, MN is a predominantly white area, with 92.2% of the population identifying as white. The white population has shrunk by 5.7% in the last 5 years. The second most common race or ethnicity in Richmond, MN is hispanic, making up 5.2% of the population. Foreign-born residents account for 1.6% of the population in Richmond, MN, and this percentage has increased by 77.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.2% | -5.7% |
% Black | 0.0% | -100.0% |
% Hispanic | 5.2% | 333.3% |
% Asian | 0.4% | -42.9% |
% Foreign Born | 1.6% | 77.8% |
Mortgage and Risk — Richmond, MN
According to HUD data as of 2023, there were 119 mortgage originations in Richmond, MN, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 18.0% above 90% LTV (elevated). This implies medium mortgage risk in Richmond, MN. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 119 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 3.0% |
% Second Loans | 14.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Richmond, MN
Richmond, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $820 |
| 2 Bedroom | N/A | N/A | $1,040 |
| 3 Bedroom | N/A | N/A | $1,380 |
| 4 Bedroom | N/A | N/A | $1,640 |
Affordability — Richmond, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $365,000 |
| Median Household Income | $93,000 |