$165,000
2.02 Acres
Land
Listing Office: Keller Williams Legacy Group
Is Richmond, KY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$305,072
$104/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$25,944(+9.3%)
Key Takeaway
Homes in Richmond have sold for 9.3% more than they did a year ago.
Summary: The median home sold price in Richmond was $305,072 in November 2024, up 9.3% from last year, and the median price per square foot was $104.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $169K | +2.4% |
| 2 Bedrooms | $155K | $190K | +22.6% |
| 3 Bedrooms | $262.8K | $285K | +8.4% |
| 4 Bedrooms | $349.3K | $358.9K | +2.8% |
| 5+ Bedrooms | $439.5K | $420K | -4.4% |
Summary: Richmond housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.4%, 2 bedroom homes increased by 22.6%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes decreased by 4.4%.
Median Sold Price Compared To Nearby Cities
| Richmond | $279.1K | $305K | +9.3% |
| Waco-Bybee | $255K | $275.5K | +8.0% |
| Berea | $244.3K | $258K | +5.6% |
| Kirksville | $354.9K | $342.5K | -3.5% |
Housing Supply in Richmond, KY
How many homes are available in Richmond, KY?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 295 | 299 | +1.4% |
Summary: The Richmond real estate market had 299 homes for sale in November 2024, a 1.4% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 24 | 22 | -8.3% |
| 3 Bedrooms | 149 | 148 | -0.7% |
| 4 Bedrooms | 76 | 83 | +9.2% |
| 5+ Bedrooms | 44 | 44 | 0.0% |
Summary: The Richmond housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 8.3%, 3 bedroom homes decreased by 0.7%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 62 | 60 | -3.2% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
22 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. 51.7% of homes here sold below asking price last month.
Summary: A total of 60 homes were sold or pending in Richmond in November 2024, down by 3.2% month-over-month. Of the 60 sold homes, 52% were sold under asking, 37% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 29 Days | 40 Days | +35.6% |
Summary: Homes in Richmond had an average of 40 days on market in Nov 2024, up by 35.6% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
10 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 November 2024, 60 homes were sold in Richmond; 58% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 17% 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.