Richmond, RI—02898
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Richmond, RI
As of Oct '25, the median home price in Richmond, RI is $484,000, with a year-over-year change of 3.5%. This indicates that home prices in Richmond, RI are increasing. According to Zillow, the 1-year price projection is 3.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $484,000 | 3.5% |
| Single Family | $502,000 | 3.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $378,000 | 5.6% |
3 Bed | $507,000 | 3.0% |
4 Bed | $583,000 | 3.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Richmond, RI
As of July '25, Rentcast reports the average rent in Richmond, RI is $2,300, with a year-over-year rent change of -34.3%. Per bedroom, the median rent as of July '25 in Richmond, RI is 3-bedrooms: $2,300. The most common rental property sizes in Richmond, RI are 3-bedroom and studio, accounting for 100.0% and 0.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,300 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,300 | $2,300 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Richmond, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Richmond, RI is 149. This is a increase of 55.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,040,000 | -43.0% |
Listing Count | 20 | 3.0% |
| Listings as % of Homes | 1.0% | 3.0% |
Days on Market | 149 | 55.0% |
Demographics — Richmond, RI
As of the latest ACS Survey released in 2023, Richmond, RI has a population of 1,740, which has increased by 6.2% over the past 5 years. Richmond, RI is a less popular place for families, as children make up 11.3% of the population. The area has a highly educated workforce, with 56.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,740 | 6.2% |
% Under 18 | 11.3% | -31.1% |
% Seniors | 19.2% | 2.1% |
% WFH | 6.4% | 77.8% |
% w/ College Degree | 56.3% | 152.5% |
As of the latest ACS Survey released in 2023, Richmond, RI is a predominantly white area, with 86.8% of the population identifying as white. The white population has shrunk by 6.3% in the last 5 years. The second most common race or ethnicity in Richmond, RI is hispanic, making up 8.7% of the population. Foreign-born residents account for 5.4% of the population in Richmond, RI, and this percentage has decreased by 55.0% 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 | 86.8% | -6.3% |
% Black | 0.1% | ∞% |
% Hispanic | 8.7% | 97.7% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 5.4% | -55.0% |
Mortgage and Risk — Richmond, RI
Richmond, RI lacks sufficient mortgage origination data for analysis.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | N/A |
% Conventional Loans | N/A |
% Government Loans | N/A |
% Investor Loans | N/A |
% Second Loans | N/A |
% Cash Out Refinance | N/A |
Loan Activity
No data available
Rentals and Section 8 — Richmond, RI
Richmond, RI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | 5.6% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,500 |
| 2 Bedroom | N/A | N/A | $1,830 |
| 3 Bedroom | -$70 | $2,300 | $2,230 |
| 4 Bedroom | N/A | N/A | $2,770 |
Affordability — Richmond, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $484,000 |
| Median Household Income | $124,000 |