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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Richlands, VA Real Estate Market

Source & Methodology

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

Richlands, VA Housing Market Trends

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.

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 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.

Average Home Values

Median Home Value

$147,984

Richlands, VA Home Prices
> $1,356,000
$1,017,001 - $1,356,000
$678,001 - $1,017,000
$542,001 - $678,000
$407,001 - $542,000
$271,001 - $407,000
$136,001 - $271,000
$68,001 - $136,000
$0 - $68,000
0.5%
0.5%
0.0%
0.0%
3.6%
3.6%
2.3%
2.3%
3.8%
3.8%
7.9%
7.9%
35.9%
35.9%
24.5%
24.5%
21.4%
21.4%
0% 100.0%
% of Homes
Very Low

for Virginia

Very Low

for nation

Number of Homes And Apartments:

2,273

Richlands Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,342 / per month

Homeownership Rate

Owners
Renters
64.8%
64.8%
35.2%
35.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
19.9%
19.9%
80.1%
80.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.6%
8.6%
45.5%
45.5%
31.8%
31.8%
14.1%
14.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
62.4%
62.4%
0.6%
0.6%
5.6%
5.6%
7.4%
7.4%
23.9%
23.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
2.1%
2.1%
38.9%
38.9%
38.8%
38.8%
15.7%
15.7%
4.5%
4.5%
0% 100.0%
% of Homes

Popular Neighborhoods in Richlands

Zip Codes in Richlands, VA