$70,000
1.09 Acres
Land
Listing Office: KY Real Estate Professionals, LLC
Is Richmond, KY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Richmond has remained a Seller's Market.
Key Takeaway
Richmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richmond, KY
How much do homes in Richmond, KY cost?
Median Sold Price
$300,300
$106/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$21,553(+7.7%)
Key Takeaway
Homes in Richmond have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in Richmond was $300,300 in October 2024, up 7.7% from last year, and the median price per square foot was $106.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $169K | +2.4% |
| 2 Bedrooms | $147.5K | $190K | +28.8% |
| 3 Bedrooms | $262.9K | $282.1K | +7.3% |
| 4 Bedrooms | $346.9K | $359.9K | +3.7% |
| 5+ Bedrooms | $430K | $410K | -4.7% |
Summary: Richmond housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.4%, 2 bedroom homes increased by 28.8%, 3 bedroom homes increased by 7.3%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes decreased by 4.7%.
Median Sold Price Compared To Nearby Cities
| Waco-Bybee | $251K | $275.5K | +9.8% |
| Richmond | $278.7K | $300.3K | +7.7% |
| Berea | $242.5K | $257.8K | +6.3% |
| Kirksville | $380K | $318.4K | -16.2% |
Housing Supply in Richmond, KY
How many homes are available in Richmond, KY?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 277 | 302 | +9.0% |
Summary: The Richmond real estate market had 302 homes for sale in October 2024, a 9.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 17 | 28 | +64.7% |
| 3 Bedrooms | 140 | 146 | +4.3% |
| 4 Bedrooms | 73 | 80 | +9.6% |
| 5+ Bedrooms | 45 | 46 | +2.2% |
Summary: The Richmond housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 64.7%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes increased by 2.2%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 64 | 59 | -7.8% |
Asking Price vs. Sold Price
37 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you may be able to get a good deal. 62.7% of homes here sold below asking price last month.
Summary: A total of 59 homes were sold or pending in Richmond in October 2024, down by 7.8% month-over-month. Of the 59 sold homes, 63% were sold under asking, 25% were sold at asking, and 12% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 26 Days | 37 Days | +43.0% |
Summary: Homes in Richmond had an average of 37 days on market in Oct 2024, up by 43% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
26 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richmond are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 59 homes were sold in Richmond; 47% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Lexington-Bluegrass Association of Realtors Multiple Listing Service. Real estate listings held by IDX Brokerage firms other than this broker, are marked with the IDX logo or the IDX thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Listing(s) information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. © 2024 LBAR Multiple Listing Service. All rights reserved.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of Metro Search Multiple Listing Service. Real estate listings held by other Brokerage firms are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. The Broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. Copyright © 2024 Greater Louisville Association of Realtors. All Rights Reserved.