menu
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.



Richland, MI 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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

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

Richland, MI Housing Market Trends

With 943 people, 399 houses or apartments, and a median cost of homes of $354,385, Richland real estate is some of the most expensive in Michigan, although Richland home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Richland, accounting for 72.88% of the village's housing units. Other types of housing that are prevalent in Richland include duplexes, homes converted to apartments or other small apartment buildings ( 14.77%), row houses and other attached homes ( 11.86%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Richland. Owner-occupied housing accounts for 77.69% of Richland's homes, and 62.23% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Richland 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 Richland built between 2000 and later ( 30.99%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.92%). There's also some housing in Richland built before 1939 ( 11.62%).

Richland Home Appreciation Rates

Real estate appreciation rates in Richland's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.58% during the period.

NeighborhoodScout's data show that during the latest twelve months, Richland's appreciation rate, at 3.98%, has been at or slightly above the national average. In the latest quarter, Richland's appreciation rate has been 6.32%, which annualizes to a rate of 27.76%.

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

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

Average Home Values

Median Home Value

$354,385

Richland, MI Home Prices
> $1,361,000
$1,021,001 - $1,361,000
$681,001 - $1,021,000
$545,001 - $681,000
$408,001 - $545,000
$272,001 - $408,000
$136,001 - $272,000
$68,001 - $136,000
$0 - $68,000
1.4%
1.4%
0.6%
0.6%
10.3%
10.3%
2.4%
2.4%
13.1%
13.1%
35.8%
35.8%
32.5%
32.5%
2.5%
2.5%
1.4%
1.4%
0% 100.0%
% of Homes
Very High

for Michigan

High

for nation

Number of Homes And Apartments:

399

Richland Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,521 / per month

Homeownership Rate

Owners
Renters
Vacant
77.7%
77.7%
22.3%
22.3%
3.4%
3.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
31.0%
31.0%
39.5%
39.5%
17.9%
17.9%
11.6%
11.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.9%
72.9%
11.9%
11.9%
14.8%
14.8%
0.5%
0.5%
0.0%
0.0%
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
2.4%
2.4%
1.9%
1.9%
24.7%
24.7%
39.0%
39.0%
23.2%
23.2%
8.7%
8.7%
0% 100.0%
% of Homes