Source: TCBMag —
How crazy is the current for-sale housing market? Take a look at Richfield.
The city has never been anyone’s idea of a sizzling metro housing market. It’s a first-ring suburb where ramblers are plentiful. There are no mansions. It has traditionally offered a more affordable place to buy a home.
But in March the median sales price in Richfield was $326,250, a 14.6 percent increase from a year earlier. Houses were selling for an average of 105.7 percent of their original listing price. According to the Minneapolis Area Realtors (MAR), the city had an inventory of 0.3 months—basically a week—of homes for sale.