Richmond, IL 60071 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Richmond, IL—60071

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$369,000

5.5% YoY Growth

Household Income

$77,600

23.7% YoY Growth

Days on Market

4.0% Shorter YoY

Home Price Forecast

2.2%

Median Rent

$1,220

20.8% YoY Growth

1-Bed Rent

$1,200

18.8% YoY Growth

2-Bed Rent

$1,300

N/A

3-Bed Rent

N/A

Home Price Trends — Richmond, IL

As of Dec '25, the median home price in Richmond, IL is $369,000, with a year-over-year change of 5.5%. This indicates that home prices in Richmond, IL are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$369,000	5.5%
Single Family	$394,000	5.3%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

13.0%

1 Bedroom

52.3%

2 Bedrooms

29.4%

3 Bedrooms

2.7%

4 Bedrooms

2.5%

Property Listings — Richmond, IL

As of Dec '25, Realtor.com reports that the median days on market for a home in Richmond, IL is 58. This is a increase of 9.0% 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	$572,000	67.0%
Listing Count	15	-17.0%
Listings as % of Homes	0.4%	-17.0%
Days on Market	66	-4.0%

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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%

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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%

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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%

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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

Richmond, IL—60071

Key Metrics at a Glance

Home Price Trends — Richmond, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Richmond, IL

% of Rental Stock

Property Listings — Richmond, IL

Demographics — Richmond, IL

Race and Ethnicity

Mortgage and Risk — Richmond, IL

Mortgages

Rentals and Section 8 — Richmond, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Richmond, IL

Home Price to Income Ratio

Richmond, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Ringwood, IL

Bloomfield, WI

Twin Lakes, WI

Wonder Lake, IL

Spring Grove, IL

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4
Median Home Price	$369,000
Median Household Income	$77,600

Richmond, IL—60071

Key Metrics at a Glance

Home Price Trends — Richmond, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Richmond, IL

% of Rental Stock

Property Listings — Richmond, IL

Demographics — Richmond, IL

Race and Ethnicity

Mortgage and Risk — Richmond, IL

Mortgages

Rentals and Section 8 — Richmond, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Richmond, IL

Home Price to Income Ratio

Richmond, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Ringwood, IL

Bloomfield, WI

Twin Lakes, WI

Wonder Lake, IL

Spring Grove, IL

Frequently Asked Questions

What is the average home price in Richmond, IL 60071?

How have home prices in Richmond, IL 60071 changed over the past year?

What is the home price projection for Richmond, IL 60071?

What are the demographics of Richmond, IL 60071?

How long does it take homes to sell in Richmond, IL 60071?

What is the average rent price in Richmond, IL 60071?