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 5,959 people, 2,532 houses or apartments, and a median cost of homes of $236,786, house prices in Richmond are solidly below the national average.
Single-family detached homes are the single most common housing type in Richmond, accounting for 74.57% of the city's housing units. Other types of housing that are prevalent in Richmond include duplexes, homes converted to apartments or other small apartment buildings ( 15.84%), large apartment complexes or high rise apartments ( 6.29%), and a few mobile homes or trailers ( 2.39%).
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 58.34% owning and 41.66% 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 48.05% of the city's housing hails from this era. Other housing ages represented in Richmond include homes built between 1970-1999 ( 31.09%) and housing constructed before 1939 ( 11.91%). There's also some housing in Richmond built between 2000 and later ( 8.96%).
Vacant housing appears to be an issue in Richmond. Fully 11.06% 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.
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 98.34%, which ranks in the top 40% nationwide. This equates to an annual average Richmond house appreciation rate of 7.09%.
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 5.12%, 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 2.29%, which equates to an annual appreciation rate of 9.46%.
Relative to Missouri, our data show that Richmond's latest annual appreciation rate is higher than 60% of the other cities and towns in Missouri.
$236,786
for Missouri
for nation
2,532
$1,991 / per month