Richmond, IN Housing Market

Market Overview

Richmond, IN has a PropertyIQ Score of 94/100, placing it in strong market territory. That strength stands out because local price and income levels are below state benchmarks. The median home value is $178,377, compared with the state average of $260,095. The rent index is $917, below the state average of $1,062. Median household income is $55,692, while the state average is $71,957. The unemployment rate is 3.3%, matching the state average.

The score is driven by momentum and market efficiency rather than high prices. Home value momentum over 12 months is 10.87%, and 3-month momentum is 2.53%. Median days on market is 53 days, and 17.9% of listings have a price cut. With 169 homes for sale, Richmond shows a relatively active market at an affordability-oriented price point. Compared with state averages, this is a lower-cost market with stable employment but lower incomes.

Key Trends

A clear trend is sustained home value momentum. The 12-month home value momentum of 10.87% is the top score driver, and 3-month momentum of 2.53% indicates continued, though more moderate, near-term price growth. The provided year-over-year home value change is $16.

Another trend is a healthy pace of sales. Median days on market is 53 days, which suggests homes are selling within a reasonable timeframe. The share of listings with a price cut is 17.9%, indicating some negotiation but not widespread discounting. Inventory stands at 169 homes for sale.

Affordability is mixed when compared with state benchmarks. The median home value of $178,377 is well below the state average of $260,095, and the rent index of $917 is below the state average of $1,062. However, median household income of $55,692 is also below the state average of $71,957, meaning lower housing costs are partly offset by lower local wages.

Labor market stability supports demand. The unemployment rate is 3.3%, equal to the state average, which reduces a key risk for homeowners and rental investors.

Who Is This Market For

This market fits first-time homebuyers. The median home value of $178,377 is far below the state average of $260,095, making entry more accessible. Local incomes are also lower at $55,692, but for buyers who can qualify, the lower price point is a meaningful advantage.

Buy-and-hold investors may also be drawn to Richmond. The rent index of $917 is below the state average of $1,062, so rents are moderate in absolute terms. However, lower home values can support yield opportunities, and the unemployment rate of 3.3% plus median days on market of 53 days provide some confidence in tenant demand and resale liquidity.

Move-up buyers may find opportunity because of the 12-month home value momentum of 10.87%, but the lower median household income relative to the state average may limit purchasing power.

Outlook

Near-term indicators point to continued strength with some moderation. The 12-month home value momentum of 10.87% and 3-month momentum of 2.53% show prices are still rising, but the shorter-term pace is more measured. Median days on market of 53 days and a price cut share of 17.9% suggest a functioning market without widespread seller distress. Unemployment at 3.3%, matching the state average, supports housing demand. The main data gap is population growth, which is listed as N/A, so longer-term demographic demand cannot be assessed from the provided figures. If current price momentum holds and inventory remains near 169 homes for sale, Richmond is positioned to remain a strong, affordability-oriented