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 12,520 people, 4,359 houses or apartments, and a median cost of homes of $280,221, Richmond real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Richmond, accounting for 52.35% of the city's housing units. Other types of housing that are prevalent in Richmond include large apartment complexes or high rise apartments ( 31.39%), mobile homes or trailers ( 10.39%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.83%).
People in Richmond primarily live in small (one, two or no bedroom) single-family detached homes. Richmond has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Richmond 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 Richmond built between 2000 and later ( 28.00%). A lesser amount of the housing stock also hails from between 1940-1969 ( 25.19%). There's also some housing in Richmond built before 1939 ( 3.69%).
Appreciation rates for homes in Richmond have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 96.57%, which ranks in the top 40% nationwide. This equates to an annual average Richmond house appreciation rate of 6.99%.
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 5.25%, 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 1.69%, which equates to an annual appreciation rate of 6.92%.
Relative to Texas, our data show that Richmond's latest annual appreciation rate is higher than 80% of the other cities and towns in Texas.
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.
$280,221
for Texas
for nation
4,359
$1,269 / per month