Richmond Hill, GA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Richmond Hill, GA Real Estate Data


Richmond Hill Housing Market Information

With a population of 11,935, 3,712 total housing units (homes and apartments), and a median house value of $222,888, Richmond Hill real estate is some of the most expensive in Georgia, although Richmond Hill home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Richmond Hill, accounting for 70.03% of the city's housing units. Other types of housing that are prevalent in Richmond Hill include large apartment complexes or high rise apartments ( 15.36%), duplexes, homes converted to apartments or other small apartment buildings ( 8.81%), and a few row houses and other attached homes ( 5.31%).

The most prevalent building size and type in Richmond Hill are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.83% owning and 49.17% renting.

There is a lot of housing in Richmond Hill built from 1970 to 1999 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 Hill built between 2000 and later ( 38.44%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.96%). There's also some housing in Richmond Hill built before 1939 ( 2.49%).

Vacant housing appears to be an issue in Richmond Hill. Fully 10.36% of the housing stock is classified as vacant. Left unchecked, vacant Richmond Hill homes and apartments can be a drag on the real estate market, holding Richmond Hill real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Richmond Hill Home Appreciation Rates

Richmond Hill's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Richmond Hill during the period has been just -1.37%, which is lower than 80% of US communities.

Appreciation rates are so strong in Richmond Hill that despite a nationwide downturn in the housing market, Richmond Hill real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Richmond Hill appreciation rates continue to be some of the highest in America, at 8.32%, which is higher than appreciation rates in 93.07% 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 Hill. Richmond Hill appreciation rates in the latest quarter were at 5.30%, which equates to an annual appreciation rate of 22.92%.

Importantly, this makes Richmond Hill one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Georgia, our data show that Richmond Hill's latest annual appreciation rate is higher than 90% of the other cities and towns in Georgia.

Average Home Values

 

Median Home Value:
$222,888

Richmond Hill, GA HOME PRICES

Value Range
> $1,114,000 0.6
$836,001 - $1,114,000 0.4
$557,001 - $836,000 1.9
$446,001 - $557,000 2.1
$334,001 - $446,000 8.1
$223,001 - $334,000 32.7
$111,001 - $223,000 47.6
$56,001 - $111,000 2.9
$0 - $56,000 3.6

Very High for GA
High for Nation

Value Relative to Nation Value Relative to State
27.9908649060139 11.6279069767442

Number Of Homes And Apartments:
3,712

Rent & Ownership

 

Average Market Rent:
$1,491 / per month

Homeownership Rate

Homeownership
Owners 50.83
Renters 49.17
Vacant 10.36

Housing Market Details

 

Age of Homes

AGE OF Richmond Hill HOMES
2000 or Newer 38.4
1970 - 1999 50.1
1940 - 1969 9.0
1939 or Older 2.5

Types of Homes

TYPE OF Richmond Hill HOMES
Single-Family 70.0
Townhomes 5.3
Small Apt. Buildings 8.8
Apt. Complexes 15.4
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Richmond Hill HOMES
No Bedroom 0.00
1 Bedroom 4.93
2 Bedrooms 18.69
3 Bedrooms 53.88
4 Bedrooms 18.88
5 or more bedrooms 3.62

Richmond Hill Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
GA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
30.55% 1.58% 7 3
* 10 is highest

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