Richmond, IN Real Estate Market
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 Q2 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Richmond, IN Housing Market Trends
With a population of 35,513, 14,827 total housing units (homes and apartments), and a median house value of $111,799, house prices in Richmond are some of the most affordable in Indiana as well as the nation.
Single-family detached homes are the single most common housing type in Richmond, accounting for 70.24% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 12.80%), duplexes, homes converted to apartments or other small apartment buildings ( 11.52%), and a few row houses and other attached homes ( 3.19%).
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 52.67% owning and 47.33% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Richmond's housing was primarily built during this period, from the '40s through the '60s. A full 37.61% of the city's housing hails from this era. Other housing ages represented in Richmond include homes built before 1939 ( 30.42%) and housing constructed between 1970-1999 ( 25.05%). There's also some housing in Richmond built between 2000 and later ( 6.92%).
Vacant housing appears to be an issue in Richmond. Fully 14.52% of the housing stock is classified as vacant. Left unchecked, vacant Richmond homes and apartments can be a drag on the real estate market, holding Richmond 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.
Richmond Home Appreciation Rates
Richmond's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Richmond during the period has been just 5.29%, which is lower than 70% of US communities.
Over the last year, Richmond appreciation rates have trailed the rest of the nation. In the last twelve months, Richmond's appreciation rate has been 4.20%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Richmond were at 1.91%, which equates to an annual appreciation rate of 7.88%.
Relative to Indiana, our data show that Richmond's latest annual appreciation rate is lower than 70% of the other cities and towns in Indiana.
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.
Median Home Value
$111,799
Very Low
for Indiana
Very Low
for nation
Number of Homes And Apartments:
14,827
IN
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,210 / per month