Richardson, Texas Housing Market Prices
Richardson Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 60% below the Texas median$103,134
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Median rent 33% above the Texas median$1,865
Housing Market Overview
| Metric | Richardson | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $103,134 | $258,873 | $248,835 |
| Price Trend (Annual %) | -5.5% | 9.2% | 7.5% |
| Median Gross Rent | $1,865 | $1,402 | $1,407 |
| Rent Trend (Annual %) | 6.1% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richardson is about 60% lower than in Texas. Rent is about 33% higher than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Richardson: home prices fell about 5.5% a year while rent rose about 6.1% a year. That is an unusual pattern worth watching.
Median rent in Richardson rose about 65.4% between 2015 and 2024, from $1,127 to $1,865. Over the same span, rent in Texas rose about 59.1%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Richardson.
Buying the median-priced home in Richardson costs roughly 4.6 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 Richardson. The price-to-rent ratio in Texas is about 15.4.
| Metric | Richardson | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $103,134 | $258,873 | $248,835 |
| Median Household Income | $99,050 | $78,939 | $80,455 |
| Price-to-Income Ratio | 1.0 | 3.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Richardson fell about 47.4%, while median household income rose about 43.8% between 2009 and 2025 — 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 | Richardson | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.4% | 56.7% | 58.5% |
| Rental Rate | 46.0% | 33.9% | 31.2% |
| Vacancy Rate | 4.6% | 9.4% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Richardson has a homeownership rate of 49.4%, lower than the Texas average of 56.7%. Its housing vacancy rate is 4.6%, compared with 9.4% in Texas.
Housing Stock
| Metric | Richardson | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.69 people | 2.53 people |
| Median Structure Built Year | 1986 | 1990 | 1978 |
| Median Number of Rooms | 5.5 | 5.4 | 5.5 |
The typical housing unit in Richardson was built around 1986. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Richardson, TX Housing Compared With Nearby Cities
How Richardson, TX compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Richardson, TX | 115,321 | $103,134 #3/3 | $1,865 #1/3 | 51.8% #3/3 |
| Plano, TX | 290,173 | $451,170 | $1,841 | 56.6% |
| Garland, TX | 238,307 | $223,834 | $1,639 | 61.2% |
Frequently Asked Questions
Common questions about the housing market in Richardson, Texas.
What is the median home price in Richardson, Texas?
The median home price in Richardson, Texas is $103,134, lower than the Texas average of $258,873.
What is the average home price in Richardson, Texas?
The typical home price in Richardson, Texas, reported as the median sale price, is $103,134. 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 Richardson, Texas?
The median gross rent in Richardson, Texas is $1,865 per month, higher than the Texas average of $1,402.
What was the median gross rent in Richardson in 2020?
In 2020, the median gross rent in Richardson, Texas was $1,456 per month.
What is the price-to-rent ratio in Richardson, Texas?
The price-to-rent ratio in Richardson, Texas is about 4.6, meaning it would take roughly 4.6 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 Richardson.
Are home prices or rent rising faster in Richardson, Texas?
Home prices and rent are moving in opposite directions in Richardson: home prices fell about 5.5% a year while rent rose about 6.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Richardson, Texas?
49.4% of households in Richardson, Texas own their home, lower than the Texas average of 56.7%.
What is the vacancy rate in Richardson, Texas?
The housing vacancy rate in Richardson, Texas is 4.6%, lower than the Texas average of 9.4%.
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