Market Overview
Home Prices in Richmond, KY
The median home value in Richmond, KY is $303,364 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 1.6% compared to a year ago and up 5.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Richmond are priced26% below average. Richmond is part of the Richmond-Berea, KY metro area.
Over the past five years, Richmond home values have risen by approximately27.2%, reflecting strong long-term appreciation in this market.
Price History
Richmond Home Price Trend
City Comparison
Richmond vs. National Median
At $303,364, homes in Richmond cost 26% below the national median of $410,000. This makes Richmond a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Richmond?
20% Down Payment
$60,673
on $303,364
Monthly P&I
$1,582/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,009/mo
incl. taxes & insurance
Income Needed
$80,360
gross annual (30% rule)
10% Down Option
$30,336
+ PMI applies
Loan Amount (20% dn)
$242,691
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Richmond, KY?
The median home value in Richmond is $303,364 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 1.6% year-over-year.
How much have home prices changed in Richmond?
Over the past year, home values in Richmond have increased by 1.6%. Over five years, prices have risen approximately 27.2%.
How much do I need to earn to buy a home in Richmond?
To comfortably afford the median home price of $303,364 with a 20% down payment ($60,673) at today's rates (6.8%), you'd need a gross annual income of approximately $80,360. This assumes keeping total housing costs at or below 30% of gross income.
How does Richmond compare to the national average home price?
The national median home value is approximately $410,000. At $303,364, homes in Richmond are 26% below the national average.
What metro area is Richmond part of?
Richmond is part of the Richmond-Berea, KY metropolitan area. Home prices and market conditions can vary across the broader metro region.