Richmond, IN housing market
The typical Richmond home is worth about $165,000, up 6.6% in a year, 37% below the Indiana typical home. Homes typically sell in 56 days, below asking.
Home values, sales, trends and how Richmond compares with the towns next door — updated as new data is published.
Richmond at a glance
A seller's market
Supply is tight — about 2.6 months of homes for sale at the current pace. Buyers should expect competition on well-priced homes.
Typical home value, 2016–2026
Show as a table
| January | Richmond | Indiana |
|---|---|---|
| 2017 | $85,000 | $135,000 |
| 2018 | $89,000 | $144,000 |
| 2019 | $92,000 | $154,000 |
| 2020 | $97,000 | $164,000 |
| 2021 | $107,000 | $183,000 |
| 2022 | $122,000 | $209,000 |
| 2023 | $132,000 | $227,000 |
| 2024 | $136,000 | $237,000 |
| 2025 | $148,000 | $249,000 |
| 2026 | $157,000 | $256,000 |
| August 2026 | $165,000 | $260,000 |
230 new homes permitted in 2025
Builders were permitted 230 new homes in Richmond in 2025: 8 single-family houses and 222 in buildings with two or more homes, worth about $17.8 million to build. That's 6.5 per 1,000 residents, about the pace of Indiana as a whole. Over the past 10 years, Richmond has permitted 552 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Richmond's population fell by 1,092 even though 566 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across Indiana: 1.7 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 46 | 12 | 34 | $4.6 million |
| 2025 | 230 | 8 | 222 | $17.8 million |
| 2024 | 4 | 4 | 0 | $1.3 million |
| 2023 | 2 | 2 | 0 | $671,000 |
| 2022 | 27 | 3 | 24 | $4.2 million |
| 2021 | 24 | 24 | 0 | $3.1 million |
| 2020 | 7 | 7 | 0 | $1.4 million |
| 2019 | 6 | 6 | 0 | $1.3 million |
| 2018 | 88 | 9 | 79 | $9 million |
| 2017 | 84 | 10 | 74 | $8.7 million |
| 2016 | 80 | 8 | 72 | $8.2 million |
| 2015 | 71 | 8 | 63 | $7.3 million |
| 2014 | 71 | 8 | 63 | $7.4 million |
| 2013 | 11 | 11 | 0 | $1.5 million |
| 2012 | 10 | 10 | 0 | $1.3 million |
| 2011 | 14 | 14 | 0 | $2.1 million |
| 2010 | 131 | 73 | 58 | $8.5 million |
| 2009 | 15 | 15 | 0 | $2.5 million |
| 2008 | 19 | 19 | 0 | $3.1 million |
| 2007 | 30 | 26 | 4 | $5.7 million |
| 2006 | 39 | 35 | 4 | $7.4 million |
| 2005 | 68 | 52 | 16 | $8.8 million |
| 2004 | 75 | 51 | 24 | $11.6 million |
| 2003 | 59 | 52 | 7 | $6.6 million |
| 2002 | 54 | 35 | 19 | $6.5 million |
| 2001 | 26 | 26 | 0 | $2.6 million |
| 2000 | 30 | 30 | 0 | $2.5 million |
Richmond's permit office reported 10 of 12 months in 2025; the Census estimated the rest.
How Richmond ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Richmond and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Richmond | $165K | +6.6% | $970 | 230 | $45,399 |
| Spring Grove | $186K | +11.3% | $970 | — | $58,359 |
| Wayne | — | +8%† | $970 | — | $47,930 |
| Center | — | +1.6%† | $1,010 | — | $68,821 |
† FHFA price index change, where Zillow has no home value for the town.
3.6 years of income
The typical Richmond home costs about 3.6 years of the town's median household income, about the same as across Indiana (3.6).
How Richmond ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $970
HUD's Fair Market Rent for a two-bedroom in Richmond is $970 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Richmond pay a median of $822, so moving in tends to cost more than staying put. A two-bedroom takes about 26% of the town's median household income.
Studio $730 · 4 bedrooms $1,480
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (47374; Union County, IN), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Recent listings in Richmond
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.