Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Richmond | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $248,202 | $642,203 | $242,182 |
| Price Trend (Annual %) | -9.1% | 10.0% | 8.2% |
| Median Gross Rent | $1,904 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.3% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richmond is about 61% lower than in California. Rent is about 3% lower than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Richmond: home prices fell about 9.1% a year while rent rose about 6.3% a year. That is an unusual pattern worth watching.
Median rent in Richmond rose about 58.6% between 2015 and 2023, from $1,200 to $1,904. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Richmond.
Buying the median-priced home in Richmond costs roughly 10.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richmond. The price-to-rent ratio in California is about 27.4.
| Metric | Richmond | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $248,202 | $642,203 | $242,182 |
| Median Household Income | $90,212 | $96,718 | $78,145 |
| Price-to-Income Ratio | 2.8 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Richmond fell about 26.8%, while median household income rose about 65.9% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Richmond | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.3% | 51.6% | 58.2% |
| Rental Rate | 46.1% | 40.9% | 31.3% |
| Vacancy Rate | 4.7% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Richmond has a homeownership rate of 49.3%, lower than the California average of 51.6%. Its housing vacancy rate is 4.7%, compared with 7.6% in California.
Housing Stock
| Metric | Richmond | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.84 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1966 | 1975 | 1978 |
| Median Number of Rooms | 4.8 | 5.0 | 5.5 |
The typical housing unit in Richmond was built around 1966. On average, 2.8 people live in a home with about 4.8 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Richmond, California.
What is the median home price in Richmond, California?
The median home price in Richmond, California is $248,202, lower than the California average of $642,203.
What is the average home price in Richmond, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Richmond, California?
The median gross rent in Richmond, California is $1,904 per month, lower than the California average of $1,955.
What was the median gross rent in Richmond in 2020?
In 2020, the median gross rent in Richmond, California was $1,578 per month.
What is the price-to-rent ratio in Richmond, California?
The price-to-rent ratio in Richmond, California is about 10.9, meaning it would take roughly 10.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richmond.
Are home prices or rent rising faster in Richmond, California?
Home prices and rent are moving in opposite directions in Richmond: home prices fell about 9.1% a year while rent rose about 6.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Richmond, California?
49.3% of households in Richmond, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Richmond, California?
The housing vacancy rate in Richmond, California is 4.7%, lower than the California average of 7.6%.