Homes for Sale in Richfield, MN
Richfield is a well-established first-ring suburb situated immediately south of Minneapolis. Often called the 'Urban Hometown', it offers incredible convenience with easy access to major highways, the airport, and the Mall of America. The city features charming mid-century homes and a strong sense of community.
Why Live in Richfield
Richfield Market Snapshot
Monthly figures from the NorthstarMLS Local Market Update.
Median Sales Price
% of Original List Price Received
Days on Market
Closed Sales
Homes for Sale
Months Supply
Supply vs. Demand Trends
Richfield Housing Market Today
Here is where the Richfield market stood in August 2026. Home values are holding steady within one percent of last year, with a median sale price of $364,950. Homes are selling 5 days longer than last year, averaging 27 days on market, and sellers are receiving 98.8% of their original asking price. The area is currently a seller's market with 2.5 months of supply. Active inventory is up 52% from last year to 85 homes for sale.
In this seller's market, buyers should be prepared to act quickly, while sellers can generally expect strong interest if priced correctly.
In Richfield, homes were most commonly built in 1950-1959, about 62% of occupied homes are owner-occupied, and the average commute is 23 minutes. Roughly 59% of homes are single-family detached, and the median home was built in 1959.
Homeowners with a mortgage typically spend $1,983 a month on housing costs, lower than the Twin Cities metro and the median property tax bill is $3,905 a year.
Data: NorthstarMLS Local Market Update via 10K Research, published September 12, 2026.
Richfield market questions
Is Richfield a buyer's or seller's market?
Richfield was a seller's market in August 2026, with 2.5 months of supply. Under about 3 months generally favors sellers, 3 to 6 months is considered balanced, and over 6 months favors buyers. There were 85 homes for sale.
How fast are homes selling in Richfield?
Homes that sold in August 2026 spent an average of 27 days on market, 5 days slower than a year earlier. Sellers received 98.8% of their original list price on average.
Are home prices going up in Richfield?
Prices were essentially flat, with a median sale price of $364,950.
Living in Richfield
Housing, cost of ownership and commuting, compared with the Twin Cities metro.
In Richfield, homes were most commonly built in 1950-1959, about 62% of occupied homes are owner-occupied, and the average commute is 23 minutes.
Data: ACS 2020-2024 5-year estimates
What does it cost to own a home in Richfield?
Homeowners with a mortgage typically pay $1,983 a month in housing costs and the median property tax bill is $3,905 a year.
Median home value
$344,000
Lower than the Twin Cities metro
The midpoint of estimated values for owner-occupied homes.
Median property taxes paid
$3,905/yr
Similar to the Twin Cities metro
The midpoint of annual property taxes paid by homeowners.
Typical monthly owner costs (with mortgage)
$1,983/mo
Lower than the Twin Cities metro
Median monthly housing costs for owners with a mortgage.
Typical monthly owner costs (no mortgage)
$713/mo
Lower than the Twin Cities metro
Median monthly housing costs for owners without a mortgage.
Median rent
$1,393/mo
Similar to the Twin Cities metro
The midpoint of monthly gross rent, including utilities.
What are homes like in Richfield?
About 62% of occupied homes are owner-occupied and the median home was built in 1959.
Owner-occupied homes
62%
Lower than Twin Cities metro overall
The share of occupied homes lived in by their owners.
Median year built
1959
Similar to the Twin Cities metro
The midpoint of years when homes in the area were built.
Home age by decade
The share of homes built during each period.
- 2020 or later2%
- 2010-20194%
- 2000-20096%
- 1990-19994%
- 1980-19897%
- 1970-19797%
- 1960-196915%
- 1950-195931%
- 1940-194917%
- 1939 or earlier6%
Types of homes
The share of housing units in each building type.
- Single-family detached59%
- Townhome / attached2%
- 2-4 units2%
- 5+ units36%
How do people get around in Richfield?
The average one-way commute is 23 min and 92% of homes have broadband.
Average commute
23 min
Similar to the Twin Cities metro
The average one-way travel time to work for commuters.
How people get to work
The share of workers using each listed way to get to work.
- Drive alone65%
- Carpool7%
- Public transit4%
- Walk or bike3%
- Work from home19%
Homes with broadband
92%
Similar than Twin Cities metro overall
The share of households with a broadband internet subscription.
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