Richmond, ME—04357
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richmond, ME
As of Oct '25, the median home price in Richmond, ME is $323,000, with a year-over-year change of -4.3%. This indicates that home prices in Richmond, ME are decreasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $323,000 | -4.3% |
| Single Family | $323,000 | -4.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $299,000 | -3.2% |
3 Bed | $332,000 | -3.5% |
4 Bed | $369,000 | -4.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Richmond, ME
As of July '25, Rentcast reports the average rent in Richmond, ME is $1,040, with a year-over-year rent change of -41.2%. Per bedroom, the median rent as of July '25 in Richmond, ME is studios: $625, 2-bedrooms: $1,100, 3-bedrooms: $1,800. The most common rental property sizes in Richmond, ME are 1-bedroom and 2-bedroom, accounting for 35.2% and 35.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $700 | $1,040 |
| Studio Rent | $550 | $625 |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,100 | $1,100 |
| 3 Bed Rent | $1,800 | $1,800 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Richmond, ME
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, ME is 58. This is a increase of 69.0% 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 62.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $382,000 | -7.0% |
Listing Count | 13 | 8.0% |
| Listings as % of Homes | 0.5% | 8.0% |
Days on Market | 58 | 69.0% |
Demographics — Richmond, ME
As of the latest ACS Survey released in 2023, Richmond, ME has a population of 3,560, which has increased by 5.2% over the past 5 years. Richmond, ME is a moderately popular place for families, as children make up 23.9% of the population. The area has a moderately educated workforce, with 29.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,560 | 5.2% |
% Under 18 | 23.9% | 27.1% |
% Seniors | 15.9% | -3.6% |
% WFH | 10.6% | 120.8% |
% w/ College Degree | 29.1% | 12.4% |
As of the latest ACS Survey released in 2023, Richmond, ME is a predominantly white area, with 98.3% of the population identifying as white. The white population has grown by 3.7% in the last 5 years. The second most common race or ethnicity in Richmond, ME is hispanic, making up 0.4% of the population. Foreign-born residents account for 2.8% of the population in Richmond, ME, and this percentage has decreased by 41.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 98.3% | 3.7% |
% Black | 0.0% | N/A |
% Hispanic | 0.4% | -80.0% |
% Asian | 0.0% | N/A |
% Foreign Born | 2.8% | -41.7% |
Mortgage and Risk — Richmond, ME
According to HUD data as of 2023, there were 72 mortgage originations in Richmond, ME, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 11.0% above 90% LTV (elevated). This implies medium mortgage risk in Richmond, ME. Investor activity is low, as 1.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 72 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 1.0% |
% Second Loans | 7.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — Richmond, ME
Richmond, ME lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 45 |
Total Units Section 8 | 45 |
% Rentals under Section 8 | 10.2% |
% Occupied Section 8 | 90.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,130 |
| 2 Bedroom | $290 | $1,100 | $1,390 |
| 3 Bedroom | $150 | $1,800 | $1,950 |
| 4 Bedroom | N/A | N/A | $2,330 |
Affordability — Richmond, ME
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.3 |
| Median Home Price | $323,000 |
| Median Household Income | $66,700 |