Richfield, MN—55423
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richfield, MN
As of Oct '25, the median home price in Richfield, MN is $338,000, with a year-over-year change of 3.9%. This indicates that home prices in Richfield, MN are increasing. According to Zillow, the 1-year price projection is -0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $338,000 | 3.9% |
| Single Family | $344,000 | 3.9% |
| Condos | $163,000 | -3.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $148,000 | -6.3% |
2 Bed | $297,000 | 4.9% |
3 Bed | $341,000 | 3.6% |
4 Bed | $383,000 | 3.0% |
| 5 Bed | $418,000 | 3.2% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Richfield, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Richfield, MN is 32. This is a decrease of -17.0% 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 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $340,000 | -8.0% |
Listing Count | 99 | -4.0% |
| Listings as % of Homes | 0.3% | -4.0% |
Days on Market | 32 | -17.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Richfield, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $338,000 |
| Median Household Income | $84,100 |