Richmond, MI—48062
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richmond, MI
As of Oct '25, the median home price in Richmond, MI is $296,000, with a year-over-year change of 3.3%. This indicates that home prices in Richmond, MI are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $296,000 | 3.3% |
| Single Family | $313,000 | 3.0% |
| Condos | $247,000 | 5.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $217,000 | 4.3% |
3 Bed | $321,000 | 2.9% |
4 Bed | $374,000 | 2.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Richmond, MI
As of July '25, Rentcast reports the average rent in Richmond, MI is $1,300, with a year-over-year rent change of 57.6%. Per bedroom, the median rent as of July '25 in Richmond, MI is 1-bedrooms: $950, 3-bedrooms: $2,000. The most common rental property sizes in Richmond, MI are 2-bedroom and 1-bedroom, accounting for 38.5% and 37.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,000 | $1,300 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $899 | $950 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,000 | $2,000 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Richmond, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, MI is 41. This is a decrease of -15.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $376,000 | 2.0% |
Listing Count | 43 | -5.0% |
| Listings as % of Homes | 0.9% | -5.0% |
Days on Market | 41 | -15.0% |
Demographics — Richmond, MI
As of the latest ACS Survey released in 2023, Richmond, MI has a population of 9,270, which has decreased by -3.4% over the past 5 years. Richmond, MI is a moderately popular place for families, as children make up 22.1% of the population. The area has a moderately educated workforce, with 25.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,270 | -3.4% |
% Under 18 | 22.1% | -17.8% |
% Seniors | 17.1% | 8.2% |
% WFH | 8.1% | 76.1% |
% w/ College Degree | 25.4% | 30.9% |
As of the latest ACS Survey released in 2023, Richmond, MI is a predominantly white area, with 84.3% of the population identifying as white. The white population has shrunk by 9.9% in the last 5 years. The second most common race or ethnicity in Richmond, MI is hispanic, making up 5.0% of the population. Foreign-born residents account for 8.7% of the population in Richmond, MI, and this percentage has increased by 128.9% 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 | 84.3% | -9.9% |
% Black | 3.8% | 442.9% |
% Hispanic | 5.0% | 31.6% |
% Asian | 0.0% | N/A |
% Foreign Born | 8.7% | 128.9% |
Mortgage and Risk — Richmond, MI
According to HUD data as of 2023, there were 266 mortgage originations in Richmond, MI, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, MI. Investor activity is low, as 1.0% 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 | 266 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Richmond, MI
Richmond, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 7 |
Total Units Section 8 | 7 |
% Rentals under Section 8 | 1.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $21 | $899 | $920 |
| 2 Bedroom | N/A | N/A | $1,170 |
| 3 Bedroom | -$560 | $2,000 | $1,440 |
| 4 Bedroom | N/A | N/A | $1,550 |
Affordability — Richmond, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $296,000 |
| Median Household Income | $75,800 |