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Richmond, KY—40385

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$238,000
5.9% YoY Growth
Household Income
$58,100
34.8% YoY Growth
Days on Market
40
43.0% Shorter YoY
Home Price Forecast
2.8%
Median Rent
N/A
N/A
1-Bed Rent
N/A
N/A
2-Bed Rent
N/A
N/A
3-Bed Rent
N/A
N/A

Other Zip Codes in Richmond, KY

40475
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Richmond, KY

As of Dec '25, the median home price in Richmond, KY is $238,000, with a year-over-year change of 5.9%. This indicates that home prices in Richmond, KY are increasing. According to Zillow, the 1-year price projection is 2.8%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$238,0005.9%
Single Family $238,0005.3%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		N/AN/A
    3 Bed
    		$271,0006.7%
    4 Bed
    		N/AN/A
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    0.7%
    1 Bedroom
    2.1%
    2 Bedrooms
    25.1%
    3 Bedrooms
    56.1%
    4 Bedrooms
    14.0%
    5+ Bedrooms
    2.0%

    Rental Trends — Richmond, KY

    Richmond, KY lacks sufficient rental market data for analysis.

    TypeMedian RentAverage Rent
    Average RentN/AN/A
    Studio Rent N/AN/A
    1 Bed Rent N/AN/A
    2 Bed Rent N/AN/A
    3 Bed Rent N/AN/A
    4 Bed Rent N/AN/A
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    % of Rental Stock

    Studio
    5.0%
    1 Bedroom
    14.5%
    2 Bedrooms
    59.2%
    3 Bedrooms
    19.0%
    4 Bedrooms
    2.2%

    Property Listings — Richmond, KY

    As of Dec '25, Realtor.com reports that the median days on market for a home in Richmond, KY is 57. This is a decrease of -31.0% from last year, suggesting that homes are sitting on the market shorter 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.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$333,000-6.0%
    Listing Count
    		12-22.0%
    Listings as % of Homes0.6%-22.0%
    Days on Market
    		40-43.0%
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    Demographics — Richmond, KY

    As of the latest ACS Survey released in 2023, Richmond, KY has a population of 2,380, which has decreased by -15.6% over the past 5 years. Richmond, KY is a popular place for families, as children make up 29.1% of the population. The area has a poorly educated workforce, with 19.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.6% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		2,380-15.6%
    % Under 18
    		29.1%47.0%
    % Seniors
    		18.6%-5.6%
    % WFH
    		9.6%284.0%
    % w/ College Degree
    		19.6%122.7%
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    As of the latest ACS Survey released in 2023, Richmond, KY is a predominantly white area, with 99.2% of the population identifying as white. The white population has grown by 1.6% in the last 5 years. The second most common race or ethnicity in Richmond, KY is black, making up 0.0% of the population. Foreign-born residents account for 0.9% of the population in Richmond, KY, and this percentage has increased by Inf% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		99.2%1.6%
    % Black
    		0.0%-100.0%
    % Hispanic
    		0.0%-100.0%
    % Asian
    		0.0%N/A
    % Foreign Born
    		0.9%∞%
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    Mortgage and Risk — Richmond, KY

    According to HUD data as of 2023, there were 54 mortgage originations in Richmond, KY, of which 70.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, KY. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		54
    % Conventional Loans
    		70.0%
    % Government Loans
    		30.0%
    % Investor Loans
    		2.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		7.0%
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    Rentals and Section 8 — Richmond, KY

    Richmond, KY lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		9
    Total Units Section 8
    		9
    % Rentals under Section 8
    		N/A
    % Occupied Section 8
    		N/A

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 BedroomN/AN/A$770
    2 BedroomN/AN/A$920
    3 BedroomN/AN/A$1,240
    4 BedroomN/AN/A$1,340

    Affordability — Richmond, KY

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.6
    Median Home Price$238,000
    Median Household Income$58,100

    Richmond, KY — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Irvine, KY

    40336

    Winchester, KY

    40391

    Richmond, KY

    40475

    Ravenna, KY

    40472

    Berea, KY

    40403

    Frequently Asked Questions