Richmond, IN Housing Market
AI-powered market intelligence for the Richmond, IN metro area.
PropertyIQ Scores
Richmond, IN Market Analysis
Market Overview
Richmond, IN scores a 62 out of 100 on the PropertyIQ Index, placing it in a moderate range. The score is supported by four top drivers: 12-month home value momentum of 9.38%, 3-month home value momentum of 0.26%, median days on market of 49 days, and a 24.2% share of listings with a price cut. These figures describe a market that has posted meaningful annual price growth but has cooled in the most recent quarter, with roughly one in four sellers adjusting price and homes taking about seven weeks to sell.
Against state benchmarks, Richmond stands out for affordability. The median home value of $175,712 is well below the state average of $260,808. The rent index of $893 is below the state average of $1,020, and the median household income of $56,652 is below the state average of $70,051. The unemployment rate matches the state at 3.3, indicating labor market stability relative to the state as a whole.
With 171 homes for sale, the market is not extremely tight. The 62/100 score, combined with a below-state median home value and stable unemployment, suggests a moderately balanced market rather than a high-momentum or distressed market. Population growth data is not available, so demand driven by household formation cannot be measured directly.
Key Trends
One clear trend is decelerating home value growth. The 12-month home value momentum is 9.38%, but the 3-month momentum is only 0.26%. That gap shows annual appreciation was stronger in earlier months and recent price movement has flattened. The reported year-over-year home value change of $27 is also modest when viewed alongside the 12-month percentage gain.
A second trend is relative affordability. Richmond's median home value of $175,712 is about 33% lower than the state average of $260,808. The local median household income of $56,652 is about 19% lower than the state average of $70,051. Using the provided medians, Richmond's home value is about 3.1 times household income, compared with about 3.7 times for the state. That means local homes are more affordable relative to local incomes than the state average.
A third trend involves market pace and negotiating conditions. The median days on market is 49, and 24.2% of listings have a price cut. There is no state benchmark provided for these two metrics, but the absolute levels point to a market where buyers have some time and some negotiating power, without signs of a severe slowdown.
A fourth trend is a lower rent profile. The rent index of $893 is below the state average of $1,020, which may reflect weaker rental demand or lower local income levels. For investors, this means lower potential rent collection relative to state-level expectations, even though entry prices are also lower.
Who Is This Market For
This market is best suited for first-time buyers and budget-conscious households. The median home value of $175,712 is far below the state average of $260,808, making it easier to enter homeownership. The median household income of $56,652 is also below the state average, so affordability is not simply a function of low prices; it is aligned with local earning power. With 49 median days on market and a 24.2% price cut share, first-time buyers may also have room to negotiate.
Investors may find this market worth considering for lower entry prices. The median home value of $175,712 and rent index of $893 imply a moderate rental yield if the rent index is treated as a monthly figure. Annualized, the rent index is $10,716, which is about 6.1% of the median home value. However, the below-state rent level should temper cash-flow expectations. The lack of population growth data makes it difficult to project rental demand, so investors should note that missing input.
Move-up buyers and sellers may have a narrower advantage. The 12-month home value momentum of 9.38% suggests owners have gained equity over the past year, but the 3-month momentum of 0.26% and the 24.2% price cut share mean that selling conditions are not as strong as the annual figure alone would suggest.
Outlook
The data supports an outlook of moderation rather than acceleration. The 12-month home value momentum of 9.38% shows that values have risen over the past year, but the 3-month momentum of 0.26% and a 24.2% share of listings with price cuts indicate that near-term price pressure has softened. With median days on market at 49 and 171 homes for sale, the market appears stable but not overheated. The state-matching unemployment rate of 3.3 provides a stable employment backdrop, while the below-state median household income of $56,652 may keep demand tied to affordability. Because population growth data is not available, any outlook must be limited to these price, inventory, and labor market signals. Overall, the 62/100 PropertyIQ score suggests a moderate market with cooling price momentum and steady conditions.
AI-generated analysis based on current market data. Last updated August 19, 2026.
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Richmond, IN market data
Richmond, IN Housing Market Overview
Richmond, IN's median home value is $176K, up 9.4% over the past year. Homes here sell in a median 49 days. Its PropertyIQ Score of 62 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
Whether you're considering buying a home, investing in rental property, or weighing entry timing in the Richmond, IN area, the PropertyIQ Score gives you a single, data-first read on relative market strength. It is validated against actual market outcomes from 2001 to 2023, with a positive score-to-return relationship in every validated year across IN and every other US state.
Midwestern housing markets are characterized by affordability and economic diversification. From manufacturing hubs undergoing tech-sector transitions to university towns with stable demand, the region offers value-oriented opportunities with lower entry costs than coastal markets. Within the Midwest, Richmond, IN's PropertyIQ Score of 62 ranks among the Midwest's stronger demand signals.
The PropertyIQ Score for the Richmond, IN market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag. Momentum here has been positive, with home values up 9.4% over the past year.
Explore the interactive map to see how Richmond, IN compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the Richmond, IN metro area
ZIP codes in the Richmond, IN metro area
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Market data through July 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Richmond, IN a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Richmond, IN currently scores 62, a firming-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $176K, up 9.4% over the past year. So whether Richmond, IN is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Richmond, IN?
Richmond, IN's PropertyIQ Score is 62, indicating firming momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 62 places Richmond, IN above its state benchmark.
Are home prices in Richmond, IN rising or falling?
Home prices in Richmond, IN are rising. Over the past year, the median home value increased 9.4%, reaching $176K. Over the latest three months, values moved up 0.3%, a sign near-term demand remains firm. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Richmond, IN's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Richmond, IN?
In Richmond, IN, homes sell in a median of 49 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 24% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Richmond, IN market data is refreshed on a monthly cycle, with the latest figures current through July 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.