Richfield, Minnesota Housing Market Prices
Richfield Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 4% below the Minnesota median$228,061
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Median rent 9% above the Minnesota median$1,393
Housing Market Overview
| Metric | Richfield | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $228,061 | $236,718 | $248,835 |
| Price Trend (Annual %) | 2.6% | 6.6% | 7.5% |
| Median Gross Rent | $1,393 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.7% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richfield is about 4% lower than in Minnesota. Rent is about 9% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Richfield, up about 2.6% and 5.7% a year respectively. Rent is changing faster.
Median rent in Richfield rose about 62.9% between 2015 and 2024, from $855 to $1,393. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Richfield.
Buying the median-priced home in Richfield costs roughly 13.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richfield. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Richfield | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $228,061 | $236,718 | $248,835 |
| Median Household Income | $84,491 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.7 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Richfield rose about 233.0%, while median household income rose about 53.6% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Richfield | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.3% | 65.5% | 58.5% |
| Rental Rate | 37.0% | 25.2% | 31.2% |
| Vacancy Rate | 3.7% | 9.3% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Richfield has a homeownership rate of 59.3%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 3.7%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Richfield | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.18 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1963 | 1976 | 1978 |
| Median Number of Rooms | 5.3 | 6.1 | 5.5 |
The typical housing unit in Richfield was built around 1963. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 14.0 years on average.
Richfield, MN Housing Compared With Nearby Cities
Richfield, MN is the smallest of the 6 cities compared here, 36,485 residents against a local median of 64,463. Where Richfield, MN breaks from the cities next to it is median home price, sitting 34% below the local median of $345,554 at $228,061.
The cities themselves spread $233,215 on median home price, so Richfield, MN sits at one end of an already wide local range rather than apart from it. Richfield, MN has the 5th highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Richfield, MN | 36,485 | $228,061 #5/6 | $1,393 #5/6 | 61.6% #4/6 |
| Bloomington, MN | 88,700 | $345,554 | $1,561 | 65.7% |
| Edina, MN | 53,267 | $447,368 | $1,843 | 72.4% |
| Minneapolis, MN | 426,166 | $214,153 | $1,371 | 47.6% |
| St. Louis Park, MN | 49,539 | $406,830 | $1,644 | 57.8% |
| Burnsville, MN | 64,463 | $294,941 | $1,513 | 64.6% |
Frequently Asked Questions
Common questions about the housing market in Richfield, Minnesota.
What is the median home price in Richfield, Minnesota?
The median home price in Richfield, Minnesota is $228,061, lower than the Minnesota average of $236,718.
What is the average home price in Richfield, Minnesota?
The typical home price in Richfield, Minnesota, reported as the median sale price, is $228,061. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Richfield, Minnesota?
The median gross rent in Richfield, Minnesota is $1,393 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Richfield in 2020?
In 2020, the median gross rent in Richfield, Minnesota was $1,149 per month.
What is the price-to-rent ratio in Richfield, Minnesota?
The price-to-rent ratio in Richfield, Minnesota is about 13.6, meaning it would take roughly 13.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richfield.
Are home prices or rent rising faster in Richfield, Minnesota?
Both home prices and rent are rising in Richfield, up about 2.6% and 5.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Richfield, Minnesota?
59.3% of households in Richfield, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Richfield, Minnesota?
The housing vacancy rate in Richfield, Minnesota is 3.7%, lower than the Minnesota average of 9.3%.
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