Richfield Real Estate Report March 1st 2022

Richfield Real Estate Market Report

Welcome to the Richfield Market Report todays report was provided by the MINNEAPOLIS AREA REALTORS®

Hello, 

February was crazy for the city of Richfield in terms of Real Estate Sales, the sales price keeps ticking up over time. The most recent Local Market Update from the Minneapolis Association of Realtors, shows a 12% increase in sales price year on year for January. 

Looking at the month of February 2021, closed sales. The MLS is reporting that 31 Single Family Homes closed in February 2021 for a grand total of $9,750,500 in gross sales with an average sales price of $314,000.

Now compare that to last month February 2022 and you are going to be shocked. 14 units closed in the month of February for a grand total of $4,564,900 and an average sales price of $326,064. That is have the units closed compared to last year, what the heck is going; has everybody who was going to move, already moved; or are homeowners in the city waiting or holding for something, it will be interesting to see if we end up hitting the same numbers but have a bigger swing later in the year. 

Listings come in 3 categories Coming Soon, Active & Active Pending Inspection (or other) as of this writing there are 10- Properties in this status. 4- Coming Soon, 2-Active (pending) & 4 Actives with an average day on market of 7 days.    

The impact of the market conditions really depend on where you are in the Real Estate home ownership cycle. If you have been in the city of Richfield for more than 30 years, your house has drastically increased in value and selling could be a win as you will most likely get top dollar and favorable terms. 

 If you are a first time buyer, with limited financial resources this may take Richfield out as a possible hometown as of now. If you are a move up buyer or relocating, there is significant pressure based on low inventory and so your chances are high that on a premium property it will sell to the highest and best offer, if the property is properly priced. 

Thanks for checking out today's Market Report. I have included the Local Market Update PROVIDED BY MINNEAPOLIS AREA REALTORS®, If you have questions please get in touch with me. 

(Information Deemed Reliable But Not Guaranteed. Copyright (c) 2022 Regional Multiple Listing Service of Minnesota.)

 Justin Campbell 

Exp Realty

Infographic data provided by 2022 Regional Multiple Listing Service of Minnesota

Todays Market Report for Richfield also includes some great local photography brought to you by Aviator-Studios. We offer lots of great options to the community when it comes to using and licensing the photos for non commercial use.

Post card we send to Residents, that include a Qr code to view the updated report.

We also Send it as a letter and include the Local Market Update, if you prefer to actually read it, you can also see the report here on PDF Brought to you by  MINNEAPOLIS AREA REALTORS®