Richmond, TX
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Richmond Neighborhoods Since 2000




Richmond, TX 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 12,138 people, 3,661 houses or apartments, and a median cost of homes of $128,836, 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 49.06% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 24.94%), mobile homes or trailers ( 19.19%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.16%).

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 49.35% owning and 50.65% renting.

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 1940-1969 ( 22.02%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.47%). There's also some housing in Richmond built before 1939 ( 1.72%).

Richmond Home Appreciation Rates

In the last 10 years, Richmond has experienced some of the highest home appreciation rates of any community in the nation. Richmond real estate appreciated 29.25% over the last ten years, which is an average annual home appreciation rate of 2.60%, putting Richmond in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Richmond definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Richmond that despite a nationwide downturn in the housing market, Richmond real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Richmond appreciation rates continue to be some of the highest in America, at 6.08%, which is higher than appreciation rates in 74.81% 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. Richmond appreciation rates in the latest quarter were at -0.09%, which equates to an annual appreciation rate of -0.38%.

Relative to Texas, our data show that Richmond's latest annual appreciation rate is higher than 60% of the other cities and towns in Texas.

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:
$128,836

Richmond, TX HOME PRICES

Value Range
> $1,206,000 0.1
$905,001 - $1,206,000 0.0
$603,001 - $905,000 0.2
$483,001 - $603,000 0.9
$362,001 - $483,000 4.9
$241,001 - $362,000 25.0
$121,001 - $241,000 25.9
$60,001 - $121,000 24.2
$0 - $60,000 18.7

Average for TX
Low for Nation

Value Relative to Nation Value Relative to State
60.5326379936716 44.1147859922179

Number Of Homes And Apartments:
3,661

Richmond Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
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
60.74% 2.79% 4 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$908 / per month

Homeownership Rate

Homeownership
Owners 49.35
Renters 50.65
Vacant 6.06

Housing Market Details

 

Age of Homes

AGE OF Richmond HOMES
2000 or Newer 13.5
1970 - 1999 62.8
1940 - 1969 22.0
1939 or Older 1.7

Types of Homes

TYPE OF Richmond HOMES
Single-Family 49.1
Townhomes 1.6
Small Apt. Buildings 5.2
Apt. Complexes 24.9
Mobile Homes 19.2
Other 0.0

Home Size

SIZE OF Richmond HOMES
No Bedroom 3.26
1 Bedroom 12.24
2 Bedrooms 25.74
3 Bedrooms 40.13
4 Bedrooms 16.01
5 or more bedrooms 2.62