For the second year in a row, Richfield stands alone atop the Twin Cities housing index
Richfield has the hottest housing market in the Twin Cities area according to the annual Star Tribune housing index study. This is the second straight year the city has landed at the top of the list.
“Residents in Richfield benefit from living in a suburb with a small town feel, located in the heart of the metro area,” said Community Development Department Housing Manager Julie Urban. “People are drawn to Richfield by its sense of community, as well as our affordability and amazing location.”
Homes in Richfield were scooped up faster by buyers than anywhere else in the metro, with homes averaging only 29 days on the market before they were sold. During 2017, homes sold 11 days faster than the previous year.
The study surveyed 103 cities in the metro area and found that home buyers were making full-price offers to sellers in Richfield. The city’s average price per square foot came to $147.00, which was a 10 percent increase from the previous year.
The housing index tracks the home sale process, time on the market, seller discounts, and the number of foreclosure and short sales for homes sold through the Minneapolis Area Associate of Realtors.
“Richfield coming out on top of the Twin Cities housing index is the fruit of a lot of labors,” said Community Development Department Director John Stark. “Residents have continually reinvested in their homes, the city has made a commitment to providing homeowners with the necessary resources to keep their homes looking nice, and the city’s point of sale inspection ordinance makes sure houses remain up to code.”
The study results make it clear that home buyers want affordable housing options near commuter routes that are within walking distance to restaurants and shops. With Richfield’s close proximity to Minneapolis and abundance of unique retail and dining amenities, it checks the necessary boxes on most home buyer’s lists of needs when looking to purchase a home.
“Richfield is a quiet and unassuming place to live,” said Mayor Pat Elliott. “As a city, we assess and evaluate what will improve the community and focus on efforts that will help residents.”