Richmond, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Richmond Neighborhoods Since 2000




Richmond, IN Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Richmond Housing Market Information

With 35,854 people, 14,797 houses or apartments, and a median cost of homes of $76,513, house prices in Richmond are some of the most affordable in Indiana as well as the nation.

Single-family detached homes are the single most common housing type in Richmond, accounting for 64.31% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 14.59%), duplexes, homes converted to apartments or other small apartment buildings ( 14.18%), and a few row houses and other attached homes ( 3.77%).

The most prevalent building size and type in Richmond are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.54% owning and 45.46% renting.

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 39.02% of the city's housing hails from this era. Other housing ages represented in Richmond include homes built before 1939 ( 30.08%) and housing constructed between 1970-1999 ( 25.07%). There's also some housing in Richmond built between 2000 and later ( 5.83%).

Vacant housing appears to be an issue in Richmond. Fully 16.48% of the housing stock is classified as vacant. Left unchecked, vacant Richmond homes and apartments can be a drag on the real estate market, holding Richmond 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 Home Appreciation Rates

Richmond's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Richmond during the period has been just -1.21%, which is lower than 70% of US communities.

Over the last year, Richmond appreciation rates have trailed the rest of the nation. In the last twelve months, Richmond's appreciation rate has been 3.10%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Richmond were at -1.14%, which equates to an annual appreciation rate of -4.49%.

Notably, Richmond's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Indiana, our data show that Richmond's latest annual appreciation rate is lower than 50% of the other cities and towns in Indiana.

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.

Average Home Values

 

Median Home Value:
$76,513

Richmond, IN HOME PRICES

Value Range
> $1,038,000 0.0
$778,001 - $1,038,000 0.0
$519,001 - $778,000 0.4
$415,001 - $519,000 0.4
$311,001 - $415,000 1.8
$207,001 - $311,000 6.3
$104,001 - $207,000 24.7
$52,001 - $104,000 41.1
$0 - $52,000 25.3

Very Low for IN
Very Low for Nation

Value Relative to Nation Value Relative to State
92.4850580100785 94.1176470588235

Number Of Homes And Apartments:
14,797

Richmond Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-5.22% -0.31% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$758 / per month

Homeownership Rate

Homeownership
Owners 54.54
Renters 45.46
Vacant 16.48

Housing Market Details

 

Age of Homes

AGE OF Richmond HOMES
2000 or Newer 5.8
1970 - 1999 25.1
1940 - 1969 39.0
1939 or Older 30.1

Types of Homes

TYPE OF Richmond HOMES
Single-Family 64.3
Townhomes 3.8
Small Apt. Buildings 14.2
Apt. Complexes 14.6
Mobile Homes 3.1
Other 0.0

Home Size

SIZE OF Richmond HOMES
No Bedroom 3.82
1 Bedroom 16.15
2 Bedrooms 27.63
3 Bedrooms 39.76
4 Bedrooms 10.37
5 or more bedrooms 2.27