Is Richmond, KY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Richmond has remained a Seller's Market.
Housing Prices in Richmond, KY
How much do homes in Richmond, KY cost?
Median Sold Price
$289,957
$103/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Richmond was $289,957 in April 2024, up 7.1% from last year, and the median price per square foot was $103.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $300K | $130K | -56.7% |
2 Bedrooms | $130K | $178K | +36.9% |
3 Bedrooms | $250.9K | $268.9K | +7.2% |
4 Bedrooms | $342.5K | $346.9K | +1.3% |
5+ Bedrooms | $430.4K | $425K | -1.3% |
Summary: Richmond housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 56.7%, 2 bedroom homes increased by 36.9%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes decreased by 1.3%.
Median Sold Price Compared To Nearby Cities
Waco-Bybee | $244K | $270.9K | +11.0% |
Richmond | $270.7K | $289.9K | +7.1% |
Berea | $233.6K | $245.3K | +5.0% |
Housing Supply in Richmond, KY
How many homes are available in Richmond, KY?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
241 | 249 | +3.3% |
Summary: The Richmond real estate market had 249 homes for sale in April 2024, a 3.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 8 | 12 | +50.0% |
3 Bedrooms | 124 | 124 | 0.0% |
4 Bedrooms | 74 | 75 | +1.4% |
5+ Bedrooms | 34 | 37 | +8.8% |
Summary: The Richmond housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 8.8%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
59 | 74 | +25.4% |
Asking Price vs. Sold Price
40 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Summary: A total of 74 homes were sold or pending in Richmond in April 2024, up by 25.4% month-over-month. Of the 74 sold homes, 54% were sold under asking, 27% were sold at asking, and 19% were sold over asking.
Days on Market for Richmond, KY
How long does it take to sell a home in Richmond, KY?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
34 Days | 44 Days | +27.0% |
Summary: Homes in Richmond had an average of 44 days on market in Apr 2024, up by 27% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Summary: During April 2024, 74 homes were sold in Richmond; 61% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.