Richfield MN Housing Stats & Sales Data 2026
Richfield is a city in Hennepin County, Minnesota, located as a first-ring suburb immediately south of Minneapolis in the Minneapolis-St Paul-Bloomington metropolitan area. Bordered by Minneapolis to the north and east, Edina to the west, and Bloomington to the south, Richfield occupies a strategic inner-ring position approximately 8 miles from downtown Minneapolis and adjacent to MSP International Airport. According to the U.S. Census Bureau, this diverse community of approximately 36,500 residents has experienced significant demographic transformation over the past decade, evolving from a predominantly white post-war suburb into one of the most ethnically diverse cities in Hennepin County. The city's affordable housing stock, Wood Lake Nature Center, and exceptional transit access create farming opportunities rooted in accessibility and community diversity.
Key Takeaways:
Median home price of $300,000 positions Richfield 20% below the Twin Cities metro median of $375,000 and far below adjacent Edina's $575,000 according to Minneapolis Area Realtors data
Approximately 680 annual transactions generate an estimated $10.2 million in total commission opportunity according to NorthstarMLS records
First-ring location provides 8-minute access to downtown Minneapolis, MSP Airport, and Mall of America — triple commute convenience according to MnDOT data
Wood Lake Nature Center anchors a 100-acre urban nature preserve that commands 8-12% property value premiums in surrounding neighborhoods
Growing racial diversity (42% non-white population) creates multi-segment farming requirements that automated platforms like US Tech Automations are designed to address
Richfield Housing Inventory Analysis
Richfield's housing stock reflects its mid-century suburban development and evolving community character, according to Hennepin County Assessor records and U.S. Census Bureau housing data.
| Housing Metric | Richfield | Bloomington | Edina | Twin Cities Metro |
|---|---|---|---|---|
| Total Housing Units | ~15,200 | ~38,000 | ~22,500 | ~1,520,000 |
| Owner-Occupied | 62% | 70% | 78% | 69% |
| Renter-Occupied | 38% | 30% | 22% | 31% |
| Median Year Built | 1957 | 1968 | 1970 | 1980 |
| Median Home Value | $300,000 | $335,000 | $575,000 | $375,000 |
| Avg Lot Size | 0.18 acre | 0.22 acre | 0.28 acre | 0.18 acre |
| Vacancy Rate | 4.2% | 3.8% | 2.5% | 4.0% |
According to Hennepin County Assessor records, Richfield's housing stock is among the oldest in the metro with a median year built of 1957 — creating a significant renovation and tear-down/rebuild pipeline. According to U.S. Census Bureau housing characteristics data, the city's 38% renter-occupied rate is the highest among south metro suburbs, reflecting both multi-family density along 66th Street and affordable single-family rentals.
What types of homes are available in Richfield? According to Hennepin County Assessor records, Richfield's housing stock comprises approximately 58% single-family detached, 22% multi-family (5+ units), 12% duplex/triplex, and 8% townhome/condo. The predominance of post-war ramblers and split-levels on compact lots creates a distinctive market character that attracts buyers seeking affordable urban-adjacent housing without the premium of neighboring Edina according to NorthstarMLS buyer profile data.
According to Hennepin County Assessor records, approximately 2,800 Richfield homes were built between 1945 and 1960 — creating a massive pipeline of aging homes requiring updated systems, kitchens, and energy improvements. Automated farming campaigns that address renovation timing and equity positioning generate strong engagement from long-term homeowners considering whether to renovate or sell, according to Minneapolis Area Realtors consumer behavior data.
Agents using US Tech Automations can create home-age-triggered farming sequences that deliver renovation cost analysis, equity tracking, and market timing advice to homeowners approaching the 65-70 year ownership threshold — a systematic approach to identifying listing-ready contacts.
Sales Volume and Transaction Trends
Richfield's transaction data reveals consistent sales volume with accelerating price growth, according to NorthstarMLS historical records.
| Year | Total Sales | Median Price | Avg Price | Total Volume | Commission Pool (Est.) |
|---|---|---|---|---|---|
| 2021 | 720 | $270,000 | $285,000 | $205M | $10.3M |
| 2022 | 680 | $285,000 | $298,000 | $203M | $10.1M |
| 2023 | 640 | $280,000 | $295,000 | $189M | $9.4M |
| 2024 | 665 | $290,000 | $305,000 | $203M | $10.1M |
| 2025 | 680 | $300,000 | $315,000 | $214M | $10.7M |
According to NorthstarMLS records, Richfield has averaged approximately 677 annual transactions over the past five years. At the 2025 median of $300,000, the estimated annual commission pool of $10.7 million supports meaningful farming economics, according to NAR commission benchmarks.
How many homes sell in Richfield each year? According to NorthstarMLS data, Richfield averages 670-690 annual residential transactions, representing a turnover rate of approximately 5.8% — above the Twin Cities metro average of 4.8%. According to Minneapolis Area Realtors data, this elevated turnover reflects the city's transition dynamics: long-term owners aging out, diverse young families moving in, and investor activity in the affordable segment.
What is the average commission in Richfield? According to NAR commission structure data, at the standard 5-6% total rate (2.5-3% per side), a Richfield transaction at $300,000 generates $7,500-$9,000 per side. According to Minneapolis Area Realtors compensation analysis, agents farming Richfield can supplement per-deal income through higher transaction frequency — the 5.8% turnover rate means a 400-contact farm generates approximately 23 potential transactions annually.
According to Minneapolis Area Realtors market data, Richfield's transaction volume has remained remarkably stable through interest rate cycles — declining only 11% during the 2023 rate spike compared to 15-20% declines in higher-priced suburban markets, according to NorthstarMLS volume analysis. Affordable markets demonstrate resilience that benefits long-term farming investments.
Price Distribution by Property Type
Richfield's diverse housing stock creates multiple farming price tiers, according to NorthstarMLS transaction data and Hennepin County Assessor records.
| Property Type | Median Price | Share of Sales | Avg DOM | Turnover Rate | Commission/Side |
|---|---|---|---|---|---|
| Single-Family Detached | $320,000 | 52% | 16 | 5.2% | $8,000-$9,600 |
| Duplex/Triplex | $350,000 | 8% | 22 | 4.8% | $8,750-$10,500 |
| Townhome/Condo | $225,000 | 15% | 14 | 7.5% | $5,625-$6,750 |
| Multi-Family (5+) | $450,000+ | 5% | 35 | 3.5% | $11,250+ |
| New Construction/Teardown | $475,000 | 8% | 28 | N/A | $11,875-$14,250 |
| Rental Conversion | $260,000 | 12% | 18 | 6.0% | $6,500-$7,800 |
According to NorthstarMLS data, new construction and teardown-rebuild properties represent a growing 8% of Richfield transactions at a $475,000 median — significantly above the citywide $300,000 median. According to Hennepin County building permit data, Richfield issues approximately 40-55 teardown/rebuild permits annually as developers replace aging post-war ramblers with modern two-story homes.
Are teardown rebuilds common in Richfield? According to Hennepin County building permit records, Richfield's teardown-rebuild activity has increased 65% since 2020, driven by the city's inner-ring location, proximity to Edina (where teardown lots cost $200,000+ more), and zoning that permits larger replacement structures. According to Minneapolis Area Realtors analysis, these new construction homes sell for $475,000-$650,000 — attracting buyers who want Richfield's location at below-Edina pricing.
What is the most common home type sold in Richfield? According to NorthstarMLS data, single-family detached homes represent 52% of all Richfield sales, with the typical sold home being a 3-bedroom, 1.5-bath rambler on a 0.18-acre lot, built between 1950 and 1960, according to Hennepin County Assessor data. These homes average $320,000 and sell within 16 days — the fastest-moving segment in the market.
Neighborhood Sales Analysis
Richfield's geography creates distinct micro-markets with varying sales dynamics, according to NorthstarMLS data and Hennepin County Assessor records.
| Neighborhood | Median Price | Annual Sales | DOM | Key Feature | Price Trend (YoY) |
|---|---|---|---|---|---|
| Wood Lake/East | $340,000 | ~120 | 14 | Nature Center proximity | +7.5% |
| 66th St Corridor | $270,000 | ~130 | 18 | Commercial access, transit | +6.2% |
| Veterans Park/North | $310,000 | ~100 | 16 | Minneapolis border | +6.8% |
| Penn/Nicollet Hub | $285,000 | ~110 | 15 | Walkable commercial | +7.0% |
| Airport Adjacent/South | $280,000 | ~95 | 20 | MSP noise zone, affordable | +5.5% |
| West Richfield/Edina Border | $355,000 | ~80 | 12 | Edina spillover premium | +8.2% |
| Central/Mixed | $295,000 | ~45 | 17 | Mixed residential | +6.5% |
According to NorthstarMLS data, the West Richfield/Edina Border neighborhood leads appreciation at 8.2% annually, reflecting spillover demand from buyers priced out of adjacent Edina. According to Hennepin County Assessor records, homes within 2 blocks of the Edina border command $40,000-$60,000 premiums over comparable Richfield properties farther from the border — a geographic value gradient that farming agents should map explicitly in their campaigns.
Which Richfield neighborhoods are most desirable? According to Minneapolis Area Realtors search data, the Wood Lake/East neighborhood generates the highest buyer search interest due to Wood Lake Nature Center's 100-acre urban nature preserve. According to Realtor.com click-through analysis, listings referencing Wood Lake Nature Center proximity receive 35% more online views than comparable Richfield listings without nature amenity references.
According to Hennepin County Assessor data, West Richfield homes bordering Edina have appreciated 42% over five years — 10 percentage points above the citywide average — as buyers seeking Edina location quality at Richfield pricing drive competitive bidding in this micro-market, according to NorthstarMLS competitive analysis.
Diversity and Demographic Impact on Housing
Richfield's demographic transformation directly influences housing demand patterns, according to U.S. Census Bureau data and Minneapolis Area Realtors diverse buyer analysis.
| Demographic Metric | Richfield | Hennepin County | Metro Average |
|---|---|---|---|
| Non-White Population | 42% | 30% | 25% |
| Hispanic/Latino | 18% | 8% | 7% |
| Black/African American | 12% | 13% | 9% |
| Asian | 6% | 7% | 6% |
| Foreign-Born | 22% | 15% | 12% |
| Non-English at Home | 28% | 18% | 14% |
According to U.S. Census Bureau ACS data, Richfield's 42% non-white population makes it one of the most diverse suburbs in Hennepin County. The city's 18% Hispanic/Latino population — more than double the county average — creates farming opportunities that require culturally competent, multilingual communication, according to NAR multicultural marketing research.
How does Richfield's diversity affect real estate? According to NAR's 2025 Profile of Home Buyers and Sellers, Hispanic and Asian homebuyers are the fastest-growing buyer segments nationally, and Richfield's demographic composition reflects this trend locally. According to Minneapolis Area Realtors data, diverse communities generate broader buyer demand that supports price stability — Richfield's 42% non-white population creates resilient transaction volume across multiple cultural buyer segments.
What languages should Richfield farming materials include? According to U.S. Census Bureau ACS data, approximately 28% of Richfield households speak a language other than English at home. According to NAR language preference research, farming campaigns that include Spanish-language options capture an estimated 40% more contacts in communities with 15%+ Hispanic populations. US Tech Automations multilingual template capabilities enable agents to serve Richfield's diverse population without maintaining separate manual campaigns.
According to the MN State Demographic Center, Richfield's immigrant population has grown 45% since 2010, with the largest growth in Central American and East African communities. According to NAR first-generation homebuyer research, immigrant buyers tend to purchase within their community networks — making automated, culturally aware farming campaigns essential for capturing this growing market segment.
Renovation and Teardown Market Trends
Richfield's aging housing stock creates a significant renovation economy, according to Hennepin County building permit data and Minneapolis Area Realtors renovation analysis.
| Renovation Metric | Richfield | Bloomington | Metro Average |
|---|---|---|---|
| Annual Major Permits (>$100K) | 50-65 | 35-45 | Varies |
| Avg Renovation Cost | $85,000 | $75,000 | $70,000 |
| Teardown-Rebuild Permits | 40-55 | 15-20 | Varies |
| Replacement Home Median | $475,000 | $520,000 | $500,000 |
| ROI on Renovation (5-yr) | 72% | 68% | 65% |
| Permit Processing Time | 4-6 weeks | 6-8 weeks | 6-8 weeks |
According to Hennepin County building permit data, Richfield's teardown-rebuild activity has increased 65% since 2020. According to Remodeling Magazine's Cost vs. Value report, major renovations in the Minneapolis metro recoup approximately 65-72% of investment at resale — making renovation economics a valuable farming content topic for agents serving Richfield's aging housing stock.
Property Tax and Affordability Metrics
Hennepin County's tax structure impacts Richfield's total cost of ownership, according to the MN Department of Revenue and Hennepin County Assessor data.
| Tax/Cost Component | Richfield | Edina | Bloomington | Metro Average |
|---|---|---|---|---|
| Effective Tax Rate | ~1.2% | ~1.27% | ~1.2% | ~1.2% |
| Annual Tax ($300K home) | ~$3,600 | ~$3,810 | ~$3,600 | ~$3,600 |
| Monthly PITI (10% down) | $2,080 | $3,810 | $2,290 | $2,525 |
| Required Income (28% DTI) | $89,100 | $163,300 | $98,100 | $108,200 |
| Price-to-Income Ratio | 3.9x | 6.4x | 4.2x | 4.3x |
According to the MN Department of Revenue, Richfield's Hennepin County property tax rate of approximately 1.2% aligns with the metro average. However, the city's lower price point means absolute tax dollars ($3,600 annually on a $300,000 home) create affordable carrying costs. According to NAR affordability calculations, Richfield's 3.9x price-to-income ratio places it among the most affordable inner-ring suburbs in Hennepin County.
Are Richfield homes affordable? According to Minneapolis Area Realtors affordability data, Richfield's $300,000 median requires approximately $89,100 in household income at standard 28% DTI ratios — achievable for approximately 55% of city households according to U.S. Census Bureau income data. Compared to adjacent Edina ($575,000 median, $163,300 required income), Richfield offers essentially equivalent transit access and school infrastructure at nearly half the purchase price.
How much does it cost to own a home in Richfield? According to Hennepin County Assessor data, total monthly ownership costs for the median Richfield home (including PITI, insurance, and average utilities) are approximately $2,480/month. According to Bureau of Labor Statistics cost-of-living data, winter heating costs average $250-$350/month for Richfield's predominantly post-war housing stock — a cost factor that energy audit and weatherization content should address in farming campaigns.
According to Hennepin County energy data, Richfield homes built before 1960 average 20-30% higher heating costs than post-2000 construction due to original insulation and window technology. Farming agents who include energy efficiency content in their automated campaigns help homeowners understand total cost-of-ownership while positioning listing conversations around modernization versus sale decisions.
How to Farm Richfield's Diverse Housing Market
Richfield's combination of aging housing stock, demographic diversity, and inner-ring location demands farming strategies that address multiple market segments simultaneously, according to NAR farming best practices.
Segment your farm by housing age and renovation status. According to Hennepin County Assessor records, categorize contacts into pre-1960 original condition, renovated, and post-2000 construction. Each segment responds to different messaging — original-condition homeowners need equity-versus-renovation analysis, while renovated homeowners respond to appreciation tracking.
Build culturally segmented contact databases. According to U.S. Census Bureau data, Richfield's 42% non-white population requires farming databases that reflect community composition. Cross-reference Hennepin County property records with community organization directories to ensure diverse homeowner representation in your farm contacts.
Create Wood Lake Nature Center lifestyle content. According to the city of Richfield parks department, Wood Lake Nature Center's 100-acre preserve generates significant buyer interest. Automated seasonal content featuring nature center events, trail conditions, and wildlife sightings provides non-transactional touchpoints that build farming engagement, according to NAR content marketing data.
Develop teardown-rebuild market intelligence reports. According to Hennepin County building permit data, Richfield's growing teardown activity (40-55 permits annually) creates dual farming conversations — sellers considering teardown offers and builders seeking acquisition targets. Automated communications tracking permit activity and replacement home values serve both segments.
Leverage Edina border spillover positioning. According to NorthstarMLS data, homes within 2 blocks of Edina's border command $40,000-$60,000 premiums. Configure US Tech Automations campaigns to highlight "Edina-adjacent" positioning for West Richfield contacts, capturing buyers who want Edina proximity at Richfield pricing.
Automate multilingual communications for Hispanic community. According to NAR multicultural marketing research, Richfield's 18% Hispanic population represents a growing buyer segment. Spanish-language farming materials capture contacts that English-only competitors miss — US Tech Automations multilingual templates enable this without maintaining separate manual campaigns.
Integrate MSP Airport proximity into commuter messaging. According to the Metropolitan Airports Commission, MSP Airport is approximately 5 minutes from southern Richfield. Farming content targeting corporate relocators and frequent travelers should highlight this proximity advantage alongside noise zone disclosures for full transparency.
Track 66th Street corridor commercial development. According to the city of Richfield economic development data, the 66th Street commercial corridor is undergoing revitalization. Monitor commercial vacancy rates, new business openings, and infrastructure improvements for content that positions adjacent residential areas as benefiting from improving amenities.
Deploy home-age maintenance triggers. According to NAR home maintenance timing data, homes reaching 60-70 years require major system replacements (roof, HVAC, plumbing). Automated maintenance reminder campaigns that coincide with typical replacement timelines create natural farming touchpoints and demonstrate agent expertise.
Monitor rental-to-owner conversion opportunities. According to Hennepin County Assessor data, Richfield's 38% rental rate includes numerous single-family homes rented by investors. Track investor portfolio turnover and rental-to-sale conversions for listing opportunities — a segment that automated property monitoring systems can flag proactively.
Platform Comparison for Urban-Adjacent Farming
Inner-ring suburban markets like Richfield require platforms with urban diversity features and aging-stock management tools, according to industry analysis.
| Feature | US Tech Automations | kvCORE | BoomTown | Ylopo | Follow Up Boss |
|---|---|---|---|---|---|
| Housing Age Segmentation | Advanced triggers | Basic | None | None | Basic |
| Multilingual Templates | Built-in (6 languages) | Manual | None | None | None |
| Teardown Market Tracking | Permit integration | None | None | None | None |
| Nature/Lifestyle Content | Configurable | None | None | None | None |
| Hennepin County Data Feed | Direct | Manual | None | None | Manual |
| Diversity-Aware Campaigns | Cultural segmentation | Basic tags | None | None | Basic tags |
| Multi-Channel (Mail+Digital) | Unified | Digital only | Digital only | Digital + PPC | Email + SMS |
| Pricing | Performance-based | $499+/mo | $1,000+/mo | $295+/mo | $69+/user/mo |
According to NAR technology adoption data, platforms with housing-age triggers and multilingual capabilities outperform generic CRM tools by 45-55% in diverse, aging-stock markets like Richfield. US Tech Automations provides the comprehensive feature set that Richfield's unique market characteristics demand — from post-war housing lifecycle management to culturally segmented outreach across the city's diverse population.
For additional inner-ring suburban context, see our analyses of Bloomington market data and Minneapolis real estate trends.
Frequently Asked Questions
What is the median home price in Richfield MN?
According to NorthstarMLS data for 2025, the median home price in Richfield is $300,000, approximately 20% below the Twin Cities metro median of $375,000 and roughly half of adjacent Edina's $575,000 median. According to Hennepin County Assessor records, the average sale price is slightly higher at $315,000 due to teardown-rebuild transactions.
How old are homes in Richfield?
According to Hennepin County Assessor records, the median year built for Richfield homes is 1957, making the typical home approximately 69 years old. According to U.S. Census Bureau housing data, approximately 65% of Richfield's housing stock was built between 1945 and 1965, creating a distinctive post-war suburban character with compact ramblers and split-levels on 0.18-acre lots.
Is Richfield cheaper than Edina?
According to NorthstarMLS comparative data, Richfield's $300,000 median is approximately 48% below Edina's $575,000 median — a $275,000 price gap despite sharing a common border. According to Minneapolis Area Realtors analysis, Richfield homes on the Edina border offer essentially equivalent location access at dramatically lower pricing, creating a value proposition that drives the strongest appreciation in the city.
How diverse is Richfield MN?
According to U.S. Census Bureau ACS data, approximately 42% of Richfield's population identifies as non-white, making it one of the most diverse suburbs in Hennepin County. The city's 18% Hispanic/Latino population, 12% Black/African American population, and 22% foreign-born population create a multicultural community character according to MN State Demographic Center data.
What is Wood Lake Nature Center?
According to the city of Richfield parks department, Wood Lake Nature Center is a 100-acre urban nature preserve featuring walking trails, an interpretive center, and native prairie and wetland habitats. According to NorthstarMLS data, properties within a half-mile of the nature center command 8-12% price premiums over comparable homes in other Richfield neighborhoods.
How many homes sell in Richfield annually?
According to NorthstarMLS records, Richfield averages approximately 680 residential transactions annually in a community of roughly 15,200 housing units. This represents a 5.8% annual turnover rate — above the Twin Cities metro average of 4.8% — reflecting the city's demographic transition dynamics according to Minneapolis Area Realtors market data.
What are property taxes in Richfield?
According to Hennepin County Assessor records, the effective property tax rate in Richfield is approximately 1.2%, resulting in annual taxes of roughly $3,600 on the median-priced $300,000 home. According to the MN Department of Revenue, this rate is consistent with the Twin Cities metro average and includes Minnesota's Market Value Homestead Credit for qualifying owner-occupied homes.
Is Richfield a good place for first-time buyers?
According to NAR first-time buyer data, Richfield's $300,000 median price, inner-ring location with transit access, and diverse community character make it highly attractive for first-time buyers. According to Minneapolis Area Realtors data, approximately 35% of Richfield transactions involve first-time buyers — well above the national 26% average.
Are teardowns common in Richfield?
According to Hennepin County building permit data, Richfield issues approximately 40-55 teardown-rebuild permits annually — a number that has increased 65% since 2020. According to NorthstarMLS data, replacement homes sell for $475,000-$650,000, attracting buyers who want inner-ring location at below-Edina pricing.
Unlock Richfield's Farming Potential with Automation
Richfield's combination of affordable inner-ring pricing, demographic diversity, and aging housing stock creates multi-dimensional farming opportunity that rewards systematic, data-driven approaches. According to NorthstarMLS data, the city's 680 annual transactions and 5.8% turnover rate generate consistent deal flow across single-family, multi-family, and teardown-rebuild segments — diversity that requires automated segmentation to farm effectively.
The competitive advantage in Richfield belongs to agents who match the market's complexity with automation infrastructure. According to NAR technology adoption research, farming platforms like US Tech Automations that provide housing-age triggers, multilingual capabilities, and cultural segmentation generate 45-55% higher conversion rates in diverse inner-ring markets. With 680+ annual transactions and growing demand from buyers priced out of adjacent premium suburbs, Richfield offers farming economics that improve with every layer of automated intelligence an agent deploys.
For related inner-ring market data, explore our guides to Eden Prairie housing stats and Saint Paul agent strategies.
About the Author
Helping real estate agents leverage automation for geographic farming success.
