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 5,504 people, 2,439 houses or apartments, and a median cost of homes of $99,097, house prices in Richlands are solidly below the national average.
Single-family detached homes are the single most common housing type in Richlands, accounting for 54.42% of the town's housing units. Other types of housing that are prevalent in Richlands include mobile homes or trailers ( 29.86%), duplexes, homes converted to apartments or other small apartment buildings ( 7.44%), and a few large apartment complexes or high rise apartments ( 6.29%).
The most prevalent building size and type in Richlands are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.67% owning and 36.33% renting.
There is a lot of housing in Richlands 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 Richlands built between 1940-1969 ( 27.66%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.82%). There's also some housing in Richlands built before 1939 ( 7.72%).
Vacant housing appears to be an issue in Richlands. Fully 14.81% of the housing stock is classified as vacant. Left unchecked, vacant Richlands homes and apartments can be a drag on the real estate market, holding Richlands 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.
Richlands's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Richlands during the period has been just -0.89%, which is lower than 70% of US communities.
Over the last year, Richlands appreciation rates have trailed the rest of the nation. In the last twelve months, Richlands's appreciation rate has been 1.05%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Richlands were at -1.60%, which equates to an annual appreciation rate of -6.23%.
Notably, Richlands's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Virginia, our data show that Richlands's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.
|$766,001 - $1,022,000||0.7|
|$511,001 - $766,000||0.1|
|$409,001 - $511,000||0.8|
|$306,001 - $409,000||2.0|
|$204,001 - $306,000||8.0|
|$102,001 - $204,000||30.5|
|$51,001 - $102,000||27.0|
|$0 - $51,000||27.8|
|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 Richlands HOMES|
|2000 or Newer||7.8|
|1970 - 1999||56.8|
|1940 - 1969||27.7|
|1939 or Older||7.7|
|TYPE OF Richlands HOMES|
|Small Apt. Buildings||7.4|
|SIZE OF Richlands HOMES|
|5 or more bedrooms||2.03|