Richlands, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Richlands, VA Real Estate Data


Richlands Housing Market Information

With 5,504 people, 2,414 houses or apartments, and a median cost of homes of $97,522, house prices in Richlands are some of the most affordable in Virginia as well as the nation.

Single-family detached homes are the single most common housing type in Richlands, accounting for 55.37% of the town's housing units. Other types of housing that are prevalent in Richlands include mobile homes or trailers ( 28.25%), duplexes, homes converted to apartments or other small apartment buildings ( 7.33%), and a few large apartment complexes or high rise apartments ( 6.89%).

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 64.64% owning and 35.36% 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 ( 25.14%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.84%). There's also some housing in Richlands built before 1939 ( 7.33%).

Vacant housing appears to be an issue in Richlands. Fully 11.54% 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 Home Appreciation Rates

Real estate appreciation rates in Richlands's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.07% during the period.

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 2.74%, 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 1.96%, which equates to an annual appreciation rate of 8.06%.

Relative to Virginia, our data show that Richlands's latest annual appreciation rate is lower than 70% of the other cities and towns in Virginia.

Average Home Values

 

Median Home Value:
$97,522

Richlands, VA HOME PRICES

Value Range
> $1,033,000 4.0
$776,001 - $1,033,000 0.0
$516,001 - $776,000 0.2
$413,001 - $516,000 0.2
$310,001 - $413,000 3.6
$207,001 - $310,000 7.1
$103,001 - $207,000 30.6
$52,001 - $103,000 22.6
$0 - $52,000 31.5

Very Low for VA
Very Low for Nation

Value Relative to Nation Value Relative to State
80.353692100486 88.6426592797784

Number Of Homes And Apartments:
2,414

Rent & Ownership

 

Average Market Rent:
$761 / per month

Homeownership Rate

Homeownership
Owners 64.64
Renters 35.36
Vacant 11.54

Housing Market Details

 

Age of Homes

AGE OF Richlands HOMES
2000 or Newer 7.8
1970 - 1999 59.7
1940 - 1969 25.1
1939 or Older 7.3

Types of Homes

TYPE OF Richlands HOMES
Single-Family 55.4
Townhomes 2.2
Small Apt. Buildings 7.3
Apt. Complexes 6.9
Mobile Homes 28.3
Other 0.0

Home Size

SIZE OF Richlands HOMES
No Bedroom 0.33
1 Bedroom 6.96
2 Bedrooms 39.03
3 Bedrooms 38.37
4 Bedrooms 14.29
5 or more bedrooms 1.03

Richlands Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
53.36% 2.55% 5 7
* 10 is highest

Popular Neighborhoods in Richlands

Zip Codes in Richlands, VA