Richmond, KY—40475
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Richmond, KY
Home Price Trends — Richmond, KY
As of Oct '25, the median home price in Richmond, KY is $289,000, with a year-over-year change of 5.4%. This indicates that home prices in Richmond, KY are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $289,000 | 5.4% |
| Single Family | $290,000 | 5.8% |
| Condos | $271,000 | 4.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $196,000 | 10.7% |
3 Bed | $287,000 | 5.1% |
4 Bed | $392,000 | 4.5% |
| 5 Bed | $521,000 | 3.0% |
% of Housing Stock
Rental Trends — Richmond, KY
As of July '25, Rentcast reports the average rent in Richmond, KY is $1,670, with a year-over-year rent change of 7.1%. Per bedroom, the median rent as of July '25 in Richmond, KY is studios: $825, 1-bedrooms: $786, 2-bedrooms: $1,020, 3-bedrooms: $1,680, 4-bedrooms: $2,400. The most common rental property sizes in Richmond, KY are 2-bedroom and 3-bedroom, accounting for 46.4% and 24.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,620 | $1,670 |
| Studio Rent | $825 | $825 |
| 1 Bed Rent | $715 | $786 |
| 2 Bed Rent | $950 | $1,020 |
| 3 Bed Rent | $1,620 | $1,680 |
| 4 Bed Rent | $2,400 | $2,400 |
% of Rental Stock
Property Listings — Richmond, KY
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, KY is 56. This is a increase of 14.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $354,000 | 6.0% |
Listing Count | 335 | 14.0% |
| Listings as % of Homes | 0.9% | 14.0% |
Days on Market | 56 | 14.0% |
Demographics — Richmond, KY
As of the latest ACS Survey released in 2023, Richmond, KY has a population of 65,000, which has increased by 5.8% over the past 5 years. Richmond, KY is a moderately popular place for families, as children make up 19.8% of the population. The area has a moderately educated workforce, with 37.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 65,000 | 5.8% |
% Under 18 | 19.8% | -0.5% |
% Seniors | 14.4% | 13.4% |
% WFH | 7.7% | 140.6% |
% w/ College Degree | 37.1% | 11.1% |
As of the latest ACS Survey released in 2023, Richmond, KY is a predominantly white area, with 86.9% of the population identifying as white. The white population has shrunk by 2.1% in the last 5 years. The second most common race or ethnicity in Richmond, KY is black, making up 4.2% of the population. Foreign-born residents account for 3.0% of the population in Richmond, KY, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 86.9% | -2.1% |
% Black | 4.2% | -14.3% |
% Hispanic | 3.4% | 70.0% |
% Asian | 1.0% | -16.7% |
% Foreign Born | 3.0% | 0.0% |
Mortgage and Risk — Richmond, KY
According to HUD data as of 2023, there were 1248 mortgage originations in Richmond, KY, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, KY. Investor activity is low, as 3.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,248 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Richmond, KY
Richmond, KY lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1,203 |
Total Units Section 8 | 902 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 93.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $115 | $715 | $830 |
| 2 Bedroom | $0 | $950 | $950 |
| 3 Bedroom | -$290 | $1,620 | $1,330 |
| 4 Bedroom | -$980 | $2,400 | $1,420 |
Affordability — Richmond, KY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $289,000 |
| Median Household Income | $62,700 |