This post was contributed by a community member. The views expressed here are the author's own.

Community Corner

Richfield House Hunt: Housing Inventory Down But There Are Choices Abound

Supply, demand, prices and interest rates all affect the Richfield market.

The Twin Cities Metro area added nearly 7,000 homes to the market in June 2011, which is a decrease from the same month last year. In addition, pending sales rose to bring inventory levels down almost 16 percent to 24,873, which is the lowest number for a June in six years.

If this trend continues and supply continues to drop compared to the number of buyers, prices may begin to creep up. In essence, many buyers may be waiting for a sharp decrease in prices and market bottom that may never come.

Further, right now interest rates remain low but if the country defaults because of the debt ceiling debate interest rates could spike, leaving anyone who hasn’t locked in a rate having to pay much more.

Find out what's happening in Richfieldwith free, real-time updates from Patch.

Richfield’s market remains active because of affordable prices. Here are five homes newly on the market in Richfield that are ready for new owners:

House No. 1: 7201 Portland Ave. S.

Find out what's happening in Richfieldwith free, real-time updates from Patch.

Listed by: Realty Executives Associates

Price: $179,900 Taxes: $2,616

Description: One-story, single-family home; three bedrooms, two baths and 1,300 finished square feet. This corner lot home has everything you’d expect from a mid-century classic including beautiful hardwood floors, a corner brick fireplace in the living room with a second in the lower level family room. There’s also a bomb shelter. You could use the shelter as a workshop or office and then move upstairs to the updated kitchen and formal dining room. This house includes lots of storage, a new roof and a two-car garage.

House No. 2: 6804 2nd Ave. S.

Listed by: Minnesota Lakes Realty

Price: $189,900 Taxes: $3,008

Description: One- and one-half-story, single-family home; three bedrooms, two baths and 1,576 finished square feet. This home is great for entertaining with a huge family room off the kitchen, an amusement room in the lower level, and a large fenced yard and a deck that is perfect for summer grilling. There are some beautiful gardens, too. This home has been updated for a new look with new paint inside and out.

House No. 3: 6924 Oliver Ave. S.

Listed by: Realty Executives Associates

Price: $178,900 Taxes: $2,585

Description: One-story, single-family home; three bedrooms, one bath and 1,155 finished square feet. Re-done to be very appealing, with granite counters, striking tile backsplash, brand new stainless steel appliances including a custom dishwasher, new carpet and new paint, this home shines. The large living room is bright and sunny, a newly finished upper level would make a great bedroom or private office and there’s a large family room in the lower level. In the summer, walk-out from the kitchen to a large deck and entertain your friends.

House No. 4: 6936 Oliver Ave. S.

Listed by: Coldwell Banker Burnet

Price: $219,900 Taxes: $2,958

Description: One- and one-half-story, single-family home; four bedrooms, two baths and 1,790 finished square feet. Completely updated for the 21st Century, this spotless home has a beautiful upper-level bedroom with built-ins, lower-level family room, a large master bath and an extra bedroom which could be used for guests or as an office. While it shines, there’s a real bungalow charm to this home including shining hardwood floors and a wood-burning fireplace. Home is located near , , and Southdale Mall.

House No. 5: 7320 Colfax Ave. S.  

Listed by: EXIT Realty Metro  

Price: $197,000 Taxes: $3,468  

Description: Two-plus stories, single-family home; three bedrooms, two baths and 1,725 finished square feet. A rare find for Richfield, this 10-year old home near the West Lake Nature Center was built on the footprint of a tear down and has one owner who has maintained it with pride.  This home has lots of open space, a lower level family room with an egress window, beautiful hardwood floors, a large kitchen with a breakfast bar, walk-in closets – even an attached garage. The sunny backyard is great for pets or people and includes a large deck.

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?