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Featured local agent — Richfield, MN
Sarah Mitchell
Compass Real Estate · Richfield, MN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Richfield, MN Housing Market
The typical home in Richfield, MN is worth $346,827, held roughly flat 0.2% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $355,000, -4.3% year over year (through May 2026). With 1.8 months of supply and homes going under contract in about 14 days, Richfield is a strong seller's market. At today's 7.03% 30-year fixed rate, 20% down on a $346,827 home is about $1,852/mo in principal and interest.
Key numbers for Richfield, MN
Typical home value
$346,827
+0.2% in 12 months
Zillow, August 2026
Typical asking rent
$1,384/mo
Zillow Observed Rent Index
Zillow, August 2026
Median sale price
$355,000
-4.3% year over year
Redfin, through May 2026
Days on market
14
Fast-moving
Redfin, through May 2026
Active listings
68
1.8 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$84,055
Home costs 4.1x income
U.S. Census ACS, 2023
Sale-to-list ratio
102.1%
Selling above asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Richfield a buyer's or seller's market?
Richfield, MN is a strong seller's market, based on 1.8 months of supply and homes selling in about 14 days. Under 2 months of supply is a severe shortage: expect competition on almost anything priced correctly, and little room to negotiate below asking.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Richfield housing market data show?
Every row below is Redfin's final published month for Richfield, MN. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $355,000 |
| Median list price | $359,900 |
| Year-over-year price change | -4.3% |
| Median price per sq ft | $219/sq ft |
| Median days on market | 14 days |
| Active inventory | 68 listings |
| Months of supply | 1.8 months |
| Sale-to-list price ratio | 102.1% |
| Homes sold (that month) | 37 |
| New listings (that month) | 57 |
| Listings with a price cut | 35.3% |
| Market condition | Strong seller's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Richfield is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Richfield is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Richfield home prices moved?
Over the last three years the median sale price in Richfield, MN rose 1.5%, from $349,900 to $355,000. The live Zillow value series has held roughly flat 0.2% in the last 12 months, which is the more current read now that Redfin's series has stopped. 35.3% of Richfield listings cut their asking price in the final Redfin month — a high share, and the clearest sign that list prices were running ahead of what buyers would pay. For prices to fall meaningfully from here, supply would have to keep building past 1.8 months while the sale-to-list ratio slips below its current 102.1%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Richfield?
Priced off the typical home value of $346,827 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $69,365 | $277,461 | $1,852/mo |
| 5% | $17,341 | $329,485 | $2,199/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $1,852, that implies roughly $79,352 a year before you add taxes and insurance. The median household in Richfield earns $84,055, about $4,703 more than that threshold — the typical local household clears the payment on a typical local home with 20% down. That puts the price-to-income ratio at 4.1x — above the historical 3x norm but in line with much of the country in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Richfield in the next 12 months?
Tell us your timeline. We send the Richfield market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Richfield?
Typical asking rent in Richfield, MN is $1,384/mo, against a typical home value of $346,827. That is a price-to-rent ratio of 20.9x, which means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Compared head to head, 20% down puts principal and interest at $1,852 a month — $468 more than renting before taxes and insurance, so the ownership case here rests on equity and appreciation rather than monthly cash flow.
Zillow, August 2026 for both value and rent
Add your own down payment, tax rate and time horizon in the rent vs. buy calculator.
Is inventory rising or falling in Richfield?
Active listings in Richfield, MN went from 48 in May 2025 to 68 in May 2026, a +41.7% change. Rising inventory is the single most useful leading indicator for buyers: more choice, longer marketing times, and more sellers willing to negotiate before price cuts show up in the median.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 46 | 44 |
| July 2025 | 43 | 41 |
| August 2025 | 55 | 43 |
| September 2025 | 65 | 47 |
| October 2025 | 74 | 46 |
| November 2025 | 70 | 28 |
| December 2025 | 51 | 13 |
| January 2026 | 51 | 22 |
| February 2026 | 40 | 19 |
| March 2026 | 41 | 35 |
| April 2026 | 58 | 55 |
| May 2026 | 68 | 57 |
Redfin, through May 2026
How does Richfield compare to Minnesota and the U.S.?
Richfield homes sell for $355,000 — 5% below the Minnesota median of $372,300. Against the national median of $410,700, Richfield runs 14% lower. Year-over-year, Richfield moved -4.3% against Minnesota's +1.3% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Richfield, MN | $355,000 | -4.3% | 14 days |
| Minnesota statewide | $372,300 | +1.3% | 25 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Richfield
What buyers should watch
- Months of supply, currently 1.8. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 35.3%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $347 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $346,827 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Richfield listing goes under contract in 14 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 102.1% of asking. Price at the number you want and let competition do the rest.
- In the last published month Richfield added 57 new listings against 37 sales — more competition arriving than clearing, so early timing matters.
- Your equity moved +0.2% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Richfield varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Richfield
There are currently 68 homes listed for sale in Richfield, Minnesota. The median listing price is $360K.
Active listings
68
Homes on market
Median list price
$360K
Avg. days on market
14
Days until sale
New this week
57
Newly listed
How much do homes cost in Richfield by property type?
How the Richfield, MN market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $375,000 | $219/sq ft | 35 | 12 days |
| Condo / co-op | $184,950 | $169/sq ft | 2 | 156 days |
| Townhouse | $330,000 | $196/sq ft | 1 | 9 days |
Who lives in Richfield?
American Community Survey estimates for Richfield. U.S. Census ACS, 2023
Population
36,725
Households
16,221
Median income
$84,055/yr
Median age
38.9 years
Owner-occupied
62.4%
Median home value
$320,400
Median gross rent
$1,334/mo
Mean commute
23.2 min
62.4% of occupied homes in Richfield are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $320,400 against Zillow's $346,827 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions. Census median gross rent (all leases, including long-held ones) is $1,334/mo, below Zillow's $1,384/mo asking rent on new leases — the difference is roughly what a mover pays over a stayer.
Which public schools serve Richfield?
22 schools tracked · 5,730 students
The largest public schools serving Richfield, MN by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
RICHFIELD SENIOR HIGH
Grades 9-12 · 1,235 students
RICHFIELD MIDDLE
Grades 6-8 · 788 students
RICHFIELD STEM SCHOOL
Grades PK-5 · 554 students
PARTNERSHIP ACADEMY INC.
Grades PK-8 · 530 students
RICHFIELD DUAL LANGUAGE SCHOOL
Grades PK-5 · 507 students
SHERIDAN HILLS ELEMENTARY
Grades PK-5 · 428 students
SciTech Academy Charter School
Grades K-8 · 330 students
Seven Hills - Richfield Middle
Grades 6-8 · 302 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Richfield, MN?
Ordered by distance from Richfield, not by size. Compare Richfield side by side with any of them.
Richfield housing market FAQ
Is Richfield a buyer's or seller's market?
Richfield, MN is currently a strong seller's market. That read comes from 1.8 months of supply, homes going under contract in about 14 days, and sellers getting 102.1% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Richfield?
The typical home in Richfield, MN is worth $346,827 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $355,000, about $219 per square foot.
Is Richfield cheaper than the rest of Minnesota?
Richfield's median sale price of $355,000 is 5% lower than the Minnesota statewide median of $372,300, and 14% below the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Richfield?
Homes in Richfield, MN spent a median of 14 days on market before going under contract, versus 25 days statewide. Under three weeks means well-priced listings move before most buyers can schedule a second showing. (Redfin, through May 2026.)
What income do you need to buy a home in Richfield?
At the current 30-year fixed rate of 7.03%, 20% down on a $346,827 home is about $1,852 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $79,352 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $84,055.
Are home prices rising in Richfield?
The typical home value in Richfield, MN held roughly flat 0.2% over the last 12 months, from $346,124 to $346,827 (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Richfield?
Richfield ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Richfield?
That depends on your timeline, not on a headline. What the data says today: Richfield, MN is a strong seller's market with 1.8 months of supply, the 30-year fixed rate is 7.03%, and the price-to-rent ratio of 20.9x means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Properties Incorporated publishes the data; it does not give financial advice.
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