Richfield House Hunt: Is the Market on its Way Up?

According to research by the number crunchers at Coldwell Banker, out of 45 Minnesota cities, the average price of a single-family home in Richfield, between September 2010 and March 2011 was $216,154, just above Minneapolis and just below Burnsville.

Ranking 30th statewide, this put the price of Richfield homes more than $4,500 above the state average. During the previous year, the median sale price was only $170,000.

Does this indicate a recovery?

Part of the price rise was that many homes in Richfield were short sales or lender owned, pushing the price of all homes down. Default notices are dropping nationally, but Minnesota has one on the highest rates of bank-owned sales in the country. This was good for first-time buyers, many of whom are willing to do a little work for a much lower price. As these buyers snap up distressed homes, more traditional sales will begin to attract buyers interested in move-in ready homes.

Richfield home prices may be rising, but they still offer both bargains and gems for those looking to buy. Here are five homes for sale in Richfield:

House No. 1: 6444 15th Ave. S.

Listed by: Re/Max Results

Price: $99,000 Taxes: $655

Description: One-story, single-family home; three bedrooms, two baths and 1,712 finished square feet. A potential short-sale, this is the perfect home for the handyperson. The kitchen is spacious, there are hardwood floors on the main level and the basement is finished. This home also sits on a larger corner lot with natural woodwork and a patio. It includes an eat-in kitchen and an informal dining room. The buyer will assume repairs on the point-of-sale inspection.

House No. 2: 7501 Upton Ave. S.

Listed by: Coldwell Banker Burnet

Price: $149,900 Taxes: $2,854

Description: One-story, single-family home; three bedrooms, two baths and 1,413 finished square feet. A well cared for home in west Richfield on a beautiful corner lot, the buyer can enjoy a flower garden, screened porch and deck, two fireplaces, hardwood floors and a walk-out from the dining room. Lots of large windows makes this home bright and sunny. Walk or follow the bike route to and to the shopping and dining opportunities in Centennial Lakes Park and the Galleria.

House No. 3: 6828 13th Ave. S.

Listed by: Keller Williams Integrity

Price: $159,900 Taxes: $3,614

Description: Two-story, single-family home; four bedrooms, four baths and 2,922 finished square feet. A unique opportunity for a buyer to get a lot of home for a low price, this lender-owned house has formal and informal dining rooms and a large eat-in kitchen with breakfast area. There is also an oversized double garage, a large master suite, tree-shaded deck and lower level amusement room, den and office. All four bedrooms are on one level. The home is drain tiled with a sump pump and includes a hot tub and wood burning family room fireplace. Don’t wait to see this home.

House No. 4: 6901 Sheridan Ave. S.

Listed by: Edina Realty

Price: $169,900 Taxes: $2,406

Description: One- and one-half story, single-family home; three bedrooms, one bath and 1,634 finished square feet. This corner lot home is move-in ready with beautiful hardwood floors, an updated kitchen with tiled counters and backsplash and new stainless steel appliances. The lower-level has an egress window allowing for a fourth bedroom or office. The fenced backyard is very private with beautiful shade trees. It’s a quick trip to shopping and restaurants at Southdale or the Galleria.

House No. 5: 7026 17th Ave. S.

Listed by: Re/Max Results

Price: $248,000 Taxes: $1,735

Description: One-story, single-family home; three bedrooms, two baths and 1,408 finished square feet. A classic rambler, this home is perfect for buyers who are looking for a solid and well-built home. Located in a quiet area of Richfield, this home has been beautifully maintained with some great touches. The main-floor bath has beautiful original tile. You will enjoy the stone, wood burning fireplace in the living room and the main floor family room that looks out on the neat backyard. The lower-level recreation room has a second fireplace and a built-in bar. There’s also a workshop.