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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Richmond, KY Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Richmond, KY Housing Market Trends

With a population of 36,129, 14,354 total housing units (homes and apartments), and a median house value of $284,809, Richmond real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Richmond, accounting for 40.96% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 31.28%), duplexes, homes converted to apartments or other small apartment buildings ( 20.85%), and a few row houses and other attached homes ( 3.65%).

Richmond is dominated by renter-occupied one, two, or no bedrooms apartments. 65.96% of Richmond's dwellings are rentals.

There is a lot of housing in Richmond 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 built between 2000 and later ( 36.59%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.40%). There's also some housing in Richmond built before 1939 ( 4.33%).

Richmond Home Appreciation Rates

Real estate appreciation rates in Richmond's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.81% during the period.

NeighborhoodScout's data show that during the latest twelve months, Richmond's appreciation rate, at 6.33%, has been at or slightly above the national average. In the latest quarter, Richmond's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Kentucky, our data show that Richmond's latest annual appreciation rate is higher than 50% 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 2000, to assist you in making the best Richmond real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$284,809

Richmond, KY Home Prices
> $1,337,000
$1,003,001 - $1,337,000
$669,001 - $1,003,000
$535,001 - $669,000
$401,001 - $535,000
$267,001 - $401,000
$133,001 - $267,000
$67,001 - $133,000
$0 - $67,000
0.2%
0.2%
0.3%
0.3%
1.7%
1.7%
5.3%
5.3%
7.8%
7.8%
32.0%
32.0%
42.1%
42.1%
3.9%
3.9%
6.7%
6.7%
0% 100.0%
% of Homes
Very High

for Kentucky

Average

for nation

Number of Homes And Apartments:

14,354

Richmond Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,484 / per month

Homeownership Rate

Owners
Renters
34.0%
34.0%
66.0%
66.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.1%
9.1%
90.9%
90.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
36.6%
36.6%
46.7%
46.7%
12.4%
12.4%
4.3%
4.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
41.0%
41.0%
3.6%
3.6%
20.8%
20.8%
31.3%
31.3%
3.3%
3.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.1%
2.1%
16.7%
16.7%
32.9%
32.9%
36.5%
36.5%
8.8%
8.8%
3.0%
3.0%
0% 100.0%
% of Homes