Market Overview
Home Prices in Richfield, MN
The median home value in Richfield, MN is $354,994 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.3% compared to a year ago and up 2.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Richfield are priced13% below average. Richfield is part of the Minneapolis-St. Paul-Bloomington, MN-WI metro area.
Over the past five years, Richfield home values have risen by approximately12.1%, reflecting steady appreciation in this market.
Price History
Richfield Home Price Trend
City Comparison
Richfield vs. National Median
At $354,994, homes in Richfield cost 13% below the national median of $410,000. This makes Richfield a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Richfield?
20% Down Payment
$70,999
on $354,994
Monthly P&I
$1,851/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,351/mo
incl. taxes & insurance
Income Needed
$94,040
gross annual (30% rule)
10% Down Option
$35,499
+ PMI applies
Loan Amount (20% dn)
$283,995
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Richfield, MN?
The median home value in Richfield is $354,994 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.3% year-over-year.
How much have home prices changed in Richfield?
Over the past year, home values in Richfield have increased by 2.3%. Over five years, prices have risen approximately 12.1%.
How much do I need to earn to buy a home in Richfield?
To comfortably afford the median home price of $354,994 with a 20% down payment ($70,999) at today's rates (6.8%), you'd need a gross annual income of approximately $94,040. This assumes keeping total housing costs at or below 30% of gross income.
How does Richfield compare to the national average home price?
The national median home value is approximately $410,000. At $354,994, homes in Richfield are 13% below the national average.
What metro area is Richfield part of?
Richfield is part of the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.