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
With a population of 33,533, 12,879 total housing units (homes and apartments), and a median house value of $131,000, 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 41.24% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 31.95%), duplexes, homes converted to apartments or other small apartment buildings ( 20.38%), and a few mobile homes or trailers ( 4.41%).
Richmond is dominated by renter-occupied one, two, or no bedrooms apartments. 67.93% 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 ( 23.34%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.03%). There's also some housing in Richmond built before 1939 ( 5.95%).
Vacant housing appears to be an issue in Richmond. Fully 11.42% 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.
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 -0.03% during the period.
NeighborhoodScout's data show that during the latest twelve months, Richmond's appreciation rate, at 3.73%, has been at or slightly above the national average. In the latest quarter, Richmond's appreciation rate has been 0.56%, which annualizes to a rate of 2.24%.
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.
|$797,001 - $1,062,000||0.1|
|$531,001 - $797,000||0.9|
|$425,001 - $531,000||2.0|
|$319,001 - $425,000||2.1|
|$212,001 - $319,000||9.9|
|$106,001 - $212,000||56.2|
|$53,001 - $106,000||17.3|
|$0 - $53,000||10.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Richmond HOMES|
|2000 or Newer||23.3|
|1970 - 1999||52.7|
|1940 - 1969||18.0|
|1939 or Older||5.9|
|TYPE OF Richmond HOMES|
|Small Apt. Buildings||20.4|
|SIZE OF Richmond HOMES|
|5 or more bedrooms||1.86|