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 5,189 people, 2,273 houses or apartments, and a median cost of homes of $147,984, 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 62.38% of the town's housing units. Other types of housing that are prevalent in Richlands include mobile homes or trailers ( 23.94%), large apartment complexes or high rise apartments ( 7.44%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.64%).
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 64.77% owning and 35.23% 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 ( 31.81%). A lesser amount of the housing stock also hails from before 1939 ( 14.10%). There's also some housing in Richlands built between 2000 and later ( 8.60%).
Vacant housing appears to be an issue in Richlands. Fully 19.85% 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.
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 6.18% during the period.
NeighborhoodScout's data show that during the latest twelve months, Richlands's appreciation rate, at 6.89%, has been at or slightly above the national average. In the latest quarter, Richlands's appreciation rate has been 2.32%, which annualizes to a rate of 9.62%.
Relative to Virginia, our data show that Richlands's latest annual appreciation rate is higher than 60% of the other cities and towns in Virginia.
$147,984
for Virginia
for nation
2,273
$1,342 / per month