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 about Scout's Real Estate Data
With a population of 12,233, 3,946 total housing units (homes and apartments), and a median house value of $235,325, 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 54.06% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 28.33%), mobile homes or trailers ( 11.19%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.01%).
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 53.61% owning and 46.39% 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 ( 27.32%). A lesser amount of the housing stock also hails from between 2000 and later ( 20.48%). There's also some housing in Richmond built before 1939 ( 2.12%).
Appreciation rates for homes in Richmond have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 100.00%, which ranks in the top 30% nationwide. This equates to an annual average Richmond house appreciation rate of 7.18%.
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 7.37%, which is higher than appreciation rates in 79.65% 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 1.34%, which equates to an annual appreciation rate of 5.48%.
Notably, Richmond's appreciation rate in the latest quarter is one of the lowest in America.
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.
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