Richmond, RI—02892
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richmond, RI
As of Oct '25, the median home price in Richmond, RI is $569,000, with a year-over-year change of 3.4%. This indicates that home prices in Richmond, RI are increasing. According to Zillow, the 1-year price projection is 2.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $569,000 | 3.4% |
| Single Family | $571,000 | 3.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $444,000 | 4.0% |
3 Bed | $575,000 | 3.0% |
4 Bed | $668,000 | 2.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Richmond, RI
As of July '25, Rentcast reports the average rent in Richmond, RI is $3,000, with a year-over-year rent change of -1.0%. Per bedroom, the median rent as of July '25 in Richmond, RI is 3-bedrooms: $3,000. The most common rental property sizes in Richmond, RI are 2-bedroom and 1-bedroom, accounting for 61.7% and 20.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,000 | $3,000 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $3,000 | $3,000 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Richmond, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, RI is 46. This is a increase of 39.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $510,000 | -6.0% |
Listing Count | 10 | 0.0% |
| Listings as % of Homes | 0.7% | 0.0% |
Days on Market | 46 | 39.0% |
Demographics — Richmond, RI
As of the latest ACS Survey released in 2023, Richmond, RI has a population of 5,700, which has increased by 10.0% over the past 5 years. Richmond, RI is a popular place for families, as children make up 25.3% of the population. The area has a highly educated workforce, with 53.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,700 | 10.0% |
% Under 18 | 25.3% | 10.5% |
% Seniors | 20.0% | 23.5% |
% WFH | 11.0% | 150.0% |
% w/ College Degree | 53.9% | 36.1% |
As of the latest ACS Survey released in 2023, Richmond, RI is a predominantly white area, with 95.5% of the population identifying as white. The white population has grown by 2.1% in the last 5 years. The second most common race or ethnicity in Richmond, RI is hispanic, making up 2.0% of the population. Foreign-born residents account for 2.7% of the population in Richmond, RI, and this percentage has increased by 68.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 95.5% | 2.1% |
% Black | 0.1% | -92.9% |
% Hispanic | 2.0% | 400.0% |
% Asian | 0.8% | ∞% |
% Foreign Born | 2.7% | 68.8% |
Mortgage and Risk — Richmond, RI
According to HUD data as of 2023, there were 166 mortgage originations in Richmond, RI, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, RI. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 166 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Richmond, RI
Richmond, RI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 5 |
Total Units Section 8 | 5 |
% Rentals under Section 8 | 4.3% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,760 |
| 2 Bedroom | N/A | N/A | $2,150 |
| 3 Bedroom | -$410 | $3,000 | $2,590 |
| 4 Bedroom | N/A | N/A | $3,180 |
Affordability — Richmond, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $569,000 |
| Median Household Income | $144,000 |