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 a population of 13,746, 4,413 total housing units (homes and apartments), and a median house value of $273,114, West Richland real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in West Richland, accounting for 80.62% of the city's housing units. Other types of housing that are prevalent in West Richland include mobile homes or trailers ( 11.63%), large apartment complexes or high rise apartments ( 3.80%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.94%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in West Richland. Owner-occupied housing accounts for 84.53% of West Richland's homes, and 79.98% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in West 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 West Richland built between 2000 and later ( 33.09%). A lesser amount of the housing stock also hails from between 1940-1969 ( 9.21%). There's also some housing in West Richland built before 1939 ( 2.21%).
In the last 10 years, West Richland has experienced some of the highest home appreciation rates of any community in the nation. West Richland real estate appreciated 30.91% over the last ten years, which is an average annual home appreciation rate of 2.73%, putting West Richland in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, West Richland 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 West Richland that despite a nationwide downturn in the housing market, West Richland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Richland appreciation rates continue to be some of the highest in America, at 9.02%, which is higher than appreciation rates in 90.78% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Richland. West Richland appreciation rates in the latest quarter were at 2.81%, which equates to an annual appreciation rate of 11.71%.
Importantly, this makes West Richland one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Washington, our data show that West Richland's latest annual appreciation rate is lower than 60% of the other cities and towns in Washington.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within West Richland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in West Richland - 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 West Richland real estate investment or home purchase decisions.
|$903,001 - $1,204,000||0.2|
|$602,001 - $903,000||1.3|
|$481,001 - $602,000||5.4|
|$361,001 - $481,000||16.1|
|$241,001 - $361,000||26.0|
|$121,001 - $241,000||41.3|
|$60,001 - $121,000||4.0|
|$0 - $60,000||5.4|
|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 West Richland HOMES|
|2000 or Newer||33.1|
|1970 - 1999||55.5|
|1940 - 1969||9.2|
|1939 or Older||2.2|
|TYPE OF West Richland HOMES|
|Small Apt. Buildings||2.9|
|SIZE OF West Richland HOMES|
|5 or more bedrooms||3.82|