The story of this market
The typical home in ZIP 55423 sells for about $345,000, or $215 per square foot.
Prices are up +2.4% from a year ago, so sellers still have some momentum. Homes take about 28 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $1,393 a month.
ZIP 55423 — Richfield
The housing market in 55423 remains stable with steady price appreciation and low inventory levels. Demand is driven by the area's central location and relative affordability within the Twin Cities metro. Market conditions are expected to remain balanced as inventory levels slowly normalize.
This ZIP is ideal for family buyers and commuters seeking a balance between suburban space and proximity to the Twin Cities' major employment hubs. It also attracts investors looking for stable rental demand in an established, well-connected community.
Median prices moved up 2.4% year over year.
Homes spend a median of 28 days on market with 2.1 months of supply — a fast-moving market.
18% of listings have cut prices · homes sell at 99.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.3% · poverty 8.2% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.9%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 55423, Hennepin County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in the Richfield area are generally consistent with inner-ring suburban trends, with property crime being the primary concern compared to violent crime. Regional comparisons indicate it remains a stable residential community relative to the denser urban core of Minneapolis.
The area is served by Richfield Public Schools, which offers a diverse student body and a range of specialized academic programs. School performance ratings are generally moderate, reflecting the district's focus on community-integrated education.
The area faces standard Midwestern climate risks, including severe thunderstorms and winter weather, with localized flood risks managed by municipal storm-water infrastructure. Insurance premiums are typical for the Twin Cities metro area.
Economic momentum is driven by its proximity to the Minneapolis-St. Paul International Airport and major corporate headquarters in the surrounding Bloomington and Edina corridors. Infrastructure investment remains focused on maintaining the established suburban housing stock and commercial transit corridors.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
Residents benefit from excellent access to I-35W and I-494, providing direct transit to downtown Minneapolis and the Mall of America area. Public transit options include frequent bus service connecting to the METRO light rail system.
The ZIP features extensive green space, including Veterans Park and the Richfield Lake Park, which offer trails and recreational facilities. Shopping and dining are concentrated along the Penn Avenue and Lyndale Avenue corridors.
The rental market is characterized by steady demand due to the area's central location and relative affordability compared to neighboring Edina. Vacancy rates remain low, with a mix of single-family rentals and multi-family apartment complexes.
The economy is anchored by proximity to the Minneapolis-St. Paul International Airport and the retail-heavy corridors of Bloomington. Major sectors include aviation, healthcare, and professional services.
The area is well-served by major highway interchanges and a robust bus network that integrates with the regional light rail system.
Development is focused on infill projects and the revitalization of commercial corridors to support increased residential density.
Hennepin County Assessor manages property valuations, utilizing a mass appraisal system based on market sales data.
Parcels are subject to Richfield Public Schools and various municipal utility districts for water and sewer services.
Property insurance market is stable, though premiums are influenced by regional exposure to severe weather events.
Data retrieved from data.census.gov ZCTA 55423 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Mall of America®4.62.4 mi
- Valleyfair4.29.7 mi
- Great Wolf Lodge | Minnesota3.91.8 mi
- Nickelodeon Universe4.52.4 mi
- Slick City Action Park4.516.5 mi
- U.S. Bank Stadium4.67 mi
- Grand Casino Arena4.610.2 mi
- Minneapolis Convention Center4.56.7 mi
- Minnesota State Fair4.79 mi
- Topgolf Brooklyn Center4.313.7 mi
- Mall of America®4.62.4 mi
- U.S. Bank Stadium4.67 mi
- Minnesota Zoo4.68.5 mi
- Como Park Zoo & Conservatory4.79.8 mi
- Valleyfair4.29.7 mi
- Minneapolis Institute of Art4.85.9 mi
- Science Museum of Minnesota4.610.2 mi
- University of Minnesota Landscape Arboretum4.816.3 mi
- Union Depot4.510.9 mi
- Walker Art Center4.56.5 mi
- Como Park Zoo & Conservatory4.79.8 mi
- Minneapolis Sculpture Garden4.76.6 mi
- Centennial Lakes Park4.72.1 mi
- Lake Harriet Regional Park4.84 mi
- Boom Island Park4.78.2 mi
- Pool and Yacht Club4.77.6 mi
- Watergate Marina4.55.9 mi
- The Minikahda Club4.45.2 mi
- Puttery4.77.5 mi
- Braemar Golf Course4.44.9 mi
- Brookview Golf Course and Lawn Bowling4.28.7 mi
- Hiawatha Golf Course3.83.7 mi
- Mall of America®4.62.4 mi
- Twin Cities Premium Outlets4.55.2 mi
- Rosedale Center4.311 mi
- Ridgedale Center4.410 mi
- Karmel Mall4.15.2 mi
- Minneapolis-Saint Paul International Airport4.43.5 mi
- Shoyu3.73.6 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Features an ice arena, outdoor pool, and extensive walking trails.
Provides scenic waterfront access and picnic areas for residents.
A long-standing retail anchor serving the local community.
Key-figure check: median price corroborated by the published ten-year series (2025) (within 12.5%).