Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 8,220, 2,645 total housing units (homes and apartments), and a median house value of $424,881, Richfield real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Richfield, accounting for 73.62% of the city's housing units. Other types of housing that are prevalent in Richfield include duplexes, homes converted to apartments or other small apartment buildings ( 12.57%), large apartment complexes or high rise apartments ( 7.92%), and a few mobile homes or trailers ( 4.86%).
The large homes that make up Richfield are primarily owner-occupied ( 65.86%).
There is a lot of housing in Richfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Richfield built between 1940-1969 ( 24.78%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.94%). There's also some housing in Richfield built before 1939 ( 16.12%).
In the last 10 years, Richfield has experienced some of the highest home appreciation rates of any community in the nation. Richfield real estate appreciated 122.85% over the last ten years, which is an average annual home appreciation rate of 8.34%, putting Richfield in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Richfield definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Richfield's appreciation rate, at 5.71%, has been at or slightly above the national average. In the latest quarter, Richfield's appreciation rate has been 0.63%, which annualizes to a rate of 2.55%.
Relative to Utah, our data show that Richfield's latest annual appreciation rate is higher than 60% of the other cities and towns in Utah.
$424,881
for Utah
for nation
2,645
$1,144 / per month