Richmond, IL—60071
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richmond, IL
As of Oct '25, the median home price in Richmond, IL is $367,000, with a year-over-year change of 5.3%. This indicates that home prices in Richmond, IL are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $367,000 | 5.3% |
| Single Family | $394,000 | 5.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $385,000 | 4.6% |
4 Bed | $445,000 | 3.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Richmond, IL
As of July '25, Rentcast reports the average rent in Richmond, IL is $1,220, with a year-over-year rent change of 20.8%. Per bedroom, the median rent as of July '25 in Richmond, IL is 1-bedrooms: $1,200, 2-bedrooms: $1,300. The most common rental property sizes in Richmond, IL are 1-bedroom and 2-bedroom, accounting for 52.3% and 29.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,220 | $1,220 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,200 | $1,200 |
| 2 Bed Rent | $1,300 | $1,300 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Richmond, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, IL is 48. This is a decrease of -2.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $719,000 | 59.0% |
Listing Count | 11 | -3.0% |
| Listings as % of Homes | 0.4% | -3.0% |
Days on Market | 48 | -2.0% |
Demographics — Richmond, IL
As of the latest ACS Survey released in 2023, Richmond, IL has a population of 3,950, which has increased by 10.2% over the past 5 years. Richmond, IL is a moderately popular place for families, as children make up 15.3% of the population. The area has a moderately educated workforce, with 28.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,950 | 10.2% |
% Under 18 | 15.3% | -34.3% |
% Seniors | 25.7% | 83.6% |
% WFH | 18.1% | 402.8% |
% w/ College Degree | 28.5% | 10.9% |
As of the latest ACS Survey released in 2023, Richmond, IL is a predominantly white area, with 90.1% of the population identifying as white. The white population has grown by 8.0% in the last 5 years. The second most common race or ethnicity in Richmond, IL is hispanic, making up 6.7% of the population. Foreign-born residents account for 1.7% of the population in Richmond, IL, and this percentage has decreased by 69.1% 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 | 90.1% | 8.0% |
% Black | 0.2% | -86.7% |
% Hispanic | 6.7% | -23.0% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 1.7% | -69.1% |
Mortgage and Risk — Richmond, IL
According to HUD data as of 2023, there were 88 mortgage originations in Richmond, IL, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Richmond, IL. Investor activity is low, as 2.0% of loans were by investors. 17.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 88 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 17.0% |
Loan Activity
Rentals and Section 8 — Richmond, IL
Richmond, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 30 |
Total Units Section 8 | 30 |
% Rentals under Section 8 | 5.8% |
% Occupied Section 8 | 79.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $80 | $1,200 | $1,280 |
| 2 Bedroom | $150 | $1,300 | $1,450 |
| 3 Bedroom | N/A | N/A | $1,860 |
| 4 Bedroom | N/A | N/A | $2,190 |
Affordability — Richmond, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $367,000 |
| Median Household Income | $77,600 |