Richmond Housing Market Report January 2025•Madison County, Kentucky

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Housing Prices in Richmond, KY

How much do homes in Richmond, KY cost?

Housing Market Conditions

Is Richmond, KY a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Richmond is a Seller's Market

Difference Since January 2024

Since last year, Richmond has remained a Seller's Market.

Insight

Richmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$304,975$109/SqFt
+$24,975
+8.9%

Based on all homes sold in the last 12 months

Insight

Homes in Richmond have sold for 8.9% more than they did a year ago.

Summary: The median home sold price in Richmond was $304,975 in January 2025, up 8.9% from last year, and the median price per square foot was $109.

Median Sold Price By Cities

Median Sold Price By Cities
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Richmond
+8.9%
Waco-Bybee
+5.4%
Berea
+3.2%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2024Jan 2025Change YoY
1$165K$157K
-4.8%
2$160.5K$185K
+15.3%
3$262.1K$285K
+8.7%
4$348.3K$356K
+2.2%
5$444.1K$437.5K
-1.5%

Summary: Richmond housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes decreased by -4.8%. The home price for 2 bedroom homes increased by +15.3%. The home price for 3 bedroom homes increased by +8.7%. The home price for 4 bedroom homes increased by +2.2%. The home price for 5 bedroom homes decreased by -1.5%.

Housing supply in Richmond, KY

How many homes are available in Richmond, KY?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
237Last MonthJan 2025
2432 months agoDec 2024
-2.5 %
Change MoMDec – Jan

Summary: The Richmond real estate market had 237 homes for sale in Jan 2025, a 2.5 % decrease compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
45Last MonthJan 2025
702 months agoDec 2024
-35.7 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
53232
0.0%
121
-50.0%
21510
-33.3%
3134130
-3.0%
46064
+6.7%

Summary: Richmond housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 5 bedroom homes remained the same. The inventory for 1 bedroom homes decreased by -50.0%. The inventory for 2 bedroom homes decreased by -33.3%. The inventory for 3 bedroom homes decreased by -3.0%. The inventory for 4 bedroom homes increased by +6.7%.

Asking Price vs. Sold Price

How much do homes in Richmond, KY cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price2 Homes

At Asking Price13 Homes

Under Asking Price30 Homes

Insight

If you're buying a home in Richmond, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 45 homes were sold or pending in Richmond in January 2025, down by 35.7% month-over-month. Of the 45 sold homes, 67% were sold under asking, 29% were sold at asking, and and 4% were sold over asking.

Days on Market for Richmond, KY

How long does it take to sell a home in Richmond, KY?

Breakdown of Home Sale Times

Under 30 Days22 Homes

30 – 90 Days12 Homes

Over 90 Days9 Homes

Insight

Many homes in Richmond are selling fast, if you're buying plan to act quickly.

Summary: During January 2025, 45 homes were sold in Richmond; 49% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
55 DaysThis YearJan 2025
33 Days1 year agoJan 2024
+66.3 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in Richmond had an average listing age of 55 days in Jan 2025, up by 66.3% compared to the previous year.

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Newest Listings in Richmond, KY

What homes are available in Richmond, KY?

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Nearby markets

Popular Cities with Homes for Sale in Kentucky

MLS Disclaimers and Copyright

Based on information from Imagine MLS, and Metro Search MLS for the period 02/01/2023 - 02/01/2025

IDX 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. © 2025 LBAR Multiple Listing Service. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/21/2025, 1:20:54 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of Metro Search, Inc. Real estate listings held by other Brokerage firms are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. The Broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. IDX 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. Information deemed reliable but not guaranteed. Copyright © 2025 Metro Search, Inc. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/21/2025, 1:20:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.