Richmond appreciation rates and housing market information

Richmond housing market information

With a population of 27,091, 11,840 total housing units (homes and apartments), and a median house value of $139,121, house prices in Richmond are solidly below the national average.

single-family detached homes are the single most common housing type in Richmond, accounting for 37.27% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments (31.01%), duplexes, homes converted to apartments, or other small apartment buildings (23.69%), mobile homes or trailers (6.41%), and a few row houses and other attached homes (1.61%).

Richmond is dominated by renter-occupied one, two, or no bedroom apartments. 59.24% of Richmond's dwellings are rentals.

There is a lot of housing in Richmond built from 1970-1994, 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 Richmond built from 1940-1969 (23.49%). A lesser amount of the housing stock also hails from 1995 and later (20.85%), and some were built from 1939 and earlier (20.85%).

Richmond home appreciation rates

Real estate appreciation rates in Richmond have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 6.69% during the period.

Appreciation rates are so strong in Richmond that despite a nationwide downturn in the housing market, Richmond real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Richmond appreciation rates continue to be some of the highest in America, at 3.68%, which is higher than appreciation rates in 81% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Richmond. Richmond appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.52%.

Relative to Kentucky, our data show that Richmond's latest annual appreciation rate is higher than 66% of the other cities and towns in Kentucky.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Richmond differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Richmond - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Richmond real estate investment or home purchase decisions.