Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 115,639 people, 37,450 houses or apartments, and a median cost of homes of $696,764, real estate costs in Richmond are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.
Single-family detached homes are the single most common housing type in Richmond, accounting for 58.22% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 19.60%), duplexes, homes converted to apartments or other small apartment buildings ( 12.12%), and a few row houses and other attached homes ( 9.47%).
People in Richmond primarily live in small (one, two or no bedroom) single-family detached homes. Richmond has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Richmond's housing was primarily built during this period, from the '40s through the '60s. A full 47.64% of the city's housing hails from this era. Other housing ages represented in Richmond include homes built between 1970-1999 ( 32.38%) and housing constructed before 1939 ( 10.56%). There's also some housing in Richmond built between 2000 and later ( 9.43%).
In the last 10 years, Richmond has experienced some of the highest home appreciation rates of any community in the nation. Richmond real estate appreciated 248.01% over the last ten years, which is an average annual home appreciation rate of 13.28%, putting Richmond in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Richmond definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 20.66%, which is higher than appreciation rates in 89.88% 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 5.44%, which equates to an annual appreciation rate of 23.58%.
Relative to California, our data show that Richmond's latest annual appreciation rate is higher than 90% of the other cities and towns in California.
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 2000, to assist you in making the best Richmond real estate investment or home purchase decisions.
Very High for Nation
Average for CA