Housing Delivers Value That Lasts

Richmond’s housing market is built on balance. With affordable pricing, steady appreciation, and consistent new development, the city offers long-term value for residents and employers alike.

A Market Built for Growth: Richmond’s Residential Development Pipeline Continues to Expand

As of August 1, 2025, the community has completed:

Multifamily projects are rising quickly: 460 units are halfway complete, 328 are under construction, and eight more are approved. This sustained pace of development keeps housing supply diverse and responsive to demand, supporting workforce stability and neighborhood investment.

An older couple unpacking boxes, a family of four moving into a new home, and a couple unloading boxes ina new home

Affordability Meets Long-Term Value

Richmond delivers greater affordability than neighboring markets.

As of July 31, 2025, the median sale price is $300,117. Homes spend a median of just 20 days pending, signaling strong, steady demand. While 11.2% of homes sell above list price, the majority close below list, keeping opportunities accessible for new residents and first-time buyers.

A Steady Market With Room to Invest

Richmond’s housing growth directly supports business attraction and workforce retention. The city’s stable inventory provides flexibility for relocating employees, developers, and investors looking to capture value in a maturing market.

Richmond, KY

$80,642

Average Household Income

$60,987

Average Disposable Income

17,217

Housing Units

$279,925

Average Home Value

Housing and Income

The average household income in Richmond, KY is $80,642 and projected to be $86,524 in 2030. Per capita income is $35,030, projected to be $38,192 in 2030. 2.69% of households – 969 – have an income of $200,000 or higher. Average net worth is $559,960 and the average disposable income is $60,987.

There are 17,217 housing units in Richmond, KY; 6,474 are owner-occupied, 9,095 are rented, and 1,648 are vacant. The average home value is $279,925, with 2,609 homes built in 2010 or later, and 651 built in 1939 or earlier.

Source: ESRI, 2025-11-10

Select Richmond

Work with the Richmond Industrial Development Corporation to identify residential and mixed-use opportunities that strengthen your investment, and support the community’s continued growth.