Richmond, IN—47374
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richmond, IN
As of Oct '25, the median home price in Richmond, IN is $151,000, with a year-over-year change of 7.6%. This indicates that home prices in Richmond, IN are increasing. According to Zillow, the 1-year price projection is 2.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $151,000 | 7.7% |
| Single Family | $151,000 | 7.1% |
| Condos | $177,000 | 6.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $57,000 | 1.8% |
2 Bed | $99,000 | 4.2% |
3 Bed | $166,000 | 7.8% |
4 Bed | $225,000 | 7.1% |
| 5 Bed | $273,000 | 6.6% |
% of Housing Stock
Rental Trends — Richmond, IN
As of July '25, Rentcast reports the average rent in Richmond, IN is $957, with a year-over-year rent change of -1.5%. Per bedroom, the median rent as of July '25 in Richmond, IN is studios: $600, 1-bedrooms: $640, 2-bedrooms: $838, 3-bedrooms: $1,380, 4-bedrooms: $1,450. The most common rental property sizes in Richmond, IN are 2-bedroom and 3-bedroom, accounting for 40.0% and 25.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $825 | $957 |
| Studio Rent | $600 | $600 |
| 1 Bed Rent | $650 | $640 |
| 2 Bed Rent | $825 | $838 |
| 3 Bed Rent | $1,250 | $1,380 |
| 4 Bed Rent | $1,450 | $1,450 |
% of Rental Stock
Property Listings — Richmond, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, IN is 60. This is a increase of 36.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $150,000 | -10.0% |
Listing Count | 181 | 9.0% |
| Listings as % of Homes | 0.6% | 9.0% |
Days on Market | 60 | 36.0% |
Demographics — Richmond, IN
As of the latest ACS Survey released in 2023, Richmond, IN has a population of 45,200, which has remained stable by -0.7% over the past 5 years. Richmond, IN is a moderately popular place for families, as children make up 22.1% of the population. The area has a poorly educated workforce, with 21.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 45,200 | -0.7% |
% Under 18 | 22.1% | 3.8% |
% Seniors | 20.2% | 3.6% |
% WFH | 5.6% | 86.7% |
% w/ College Degree | 21.8% | 17.2% |
As of the latest ACS Survey released in 2023, Richmond, IN is a predominantly white area, with 82.2% of the population identifying as white. The white population has shrunk by 2.6% in the last 5 years. The second most common race or ethnicity in Richmond, IN is black, making up 5.9% of the population. Foreign-born residents account for 4.0% of the population in Richmond, IN, and this percentage has increased by 21.2% 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 | 82.2% | -2.6% |
% Black | 5.9% | -21.3% |
% Hispanic | 4.2% | 5.0% |
% Asian | 1.5% | 15.4% |
% Foreign Born | 4.0% | 21.2% |
Mortgage and Risk — Richmond, IN
According to HUD data as of 2023, there were 775 mortgage originations in Richmond, IN, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, IN. Investor activity is low, as 4.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 775 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Richmond, IN
As of 2024, the percent of homes in Richmond, IN under the Section 8 program is 15.3%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Richmond, IN, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,324 |
Total Units Section 8 | 988 |
% Rentals under Section 8 | 15.3% |
% Occupied Section 8 | 94.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $650 | $720 |
| 2 Bedroom | $115 | $825 | $940 |
| 3 Bedroom | -$90 | $1,250 | $1,160 |
| 4 Bedroom | -$100 | $1,450 | $1,350 |
Affordability — Richmond, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $151,000 |
| Median Household Income | $52,600 |